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by BECU Financial Advisor,posted Mar 12 2011 10:45AM
Even if you did not get a raise this year you may notice that your paycheck it a little bit larger than it was last year. As a result of the Tax Relief act for 2011 your share of the Social Security portion of the FICA tax will only be 4.2% instead of 6.2% on the first 106,800 of your earnings.
Now is the perfect time to take this extra money and put it to work for you. If you do not have an adequate emergency fund consider saving it for a rainy day or paying off credit card balances. If you are not already maximizing your pre-tax contributions to your retirement plan this is also another great option to consider.
At this time this relief is only for 2011 so take advantage of the opportunity while it is available.