OMG — no! First check with your employer re the rules of the deferred comp plan. YOu might be required to take the deferred comp — and pay taxes on the money. That all depends on the plan. Frequently, deferred comp is invested in company stock — and that may be too much of a concentration. But also, the deferred comp might be paid out in stock — which if you hold it for a year — might qualify for capital gains tax treatment, cutting the bill. So the first thing is to ask HR about the plan, the ways it can and maybe MUST be paid out, and the potential tax treatment.
Then you can deal with the money you ultimately receive after taxes. This might be a good time to get a trusted financial planner through Wealthramp.com. They are FIDUCIARY Fee-Only advisors, who can help you make the right decisions and are not trying to sell you something!