9 ways to build wealth in 2011
Funnel that FICA cut into a retirement windfall
David Bendix, CPA/PFS, CFP, president of The Bendix Financial Group:
Take the money you won't pay in FICA, or Federal Insurance Contributions Act, taxes this year and redirect it to your 401(k). "It's a great concept that you're taking that 2 percent and using it to fund your retirement," he says. "It's one great technique for the coming year."
Tip for success: For the maximum impact, talk with human resources ASAP and change your deductions, Bendix says. One hopes the habit of saving a little more will stick with you through next year, too, he says.