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The Hartford recommends saving Social Security tax cut

The Hartford Financial Services Group Inc. is initiating the Two for Tomorrow marketing campaign, which recommends Americans redirect the newly implemented reduction in Social Security payroll taxes to their employer's 401(k).

By Amanda McGrory-Dixon | Updated on January 31, 2011

The Hartford Financial Services Group Inc. is initiating the Two for Tomorrow marketing campaign, which recommends Americans redirect the newly implemented reduction in Social Security payroll taxes to their employer’s 401(k) or other defined contribution retirement plan. Various educational initiatives designed for employers, employees and financial advisers are also included.

At the beginning of 2011, millions of Americans earned a higher paycheck because of legislation that temporarily reduces the Social Security payroll tax by 2 percent in 2011 and 2012 on annual wages of up to $106,500. Ultimately, this means an individual with an annual salary of $50,000 will receive an extra $1,000 in take-home pay for the next two years.

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