Social Security Tax Reduction - A 401(k) Opportunity

In 2011, but only in 2011, the FICA taxes on our wages have been reduced by 2%. This is a great opportunity to boost retirement savings. I suggest that America's workers save that 2% in their 401(k)s. This could have a significant impact on amounts available for retirement, especially for younger workers who will earn a compounded return on the amount for decades. Also, this action will lower a saver’s federal and state income tax in 2011 as the contribution will be tax-deferred. Finally this action will help the economy. Saving in a 401(k) helps stimulate economic growth. The Social Security tax reduction is a 401(k) opportunity.