Deferred compensation is a concept which means that you get paid once your work is completed. This kind of compensation comes in handy especially when you are working on a project and you don’t have much time to yourself. In other words, the primary income can come at anytime and any time you want.
However, it is important to remember that if you intend to use this plan, it is imperative to be careful when you choose your plan. For instance, the plan you choose should be a large one, and will make sure that you receive at least 60% of your previous salary. When you decide to go with a deferred compensation plan, you must also choose the right one. The easiest way to do this is to seek the help of a qualified employee benefit advisor. They will be able to explain to you the best benefits, options and plans for you to choose from. With these, you will be able to reap the benefits of your salary without having to work too hard for it.
This type of plan gives you the opportunity to save a lot of money in the long term benefits. If you chose to go with the plan, you will be eligible to receive a check that is twice your average pay. This is a great way to reward yourself for all the hard work you put in during the day. As well, this plan allows you to save more money because it allows you to be paid in installments. So, be sure to do your research on all the options that are available so that you can choose the best one.