There will be no cost-of-living-increases for recipients of social security. If you remember, last year there was an almost 5% increase. That's bad news number one.
The second piece of bad news is there are no COLA increases for contributions to 401k/403b plans. Contribution limits will remain at $16,500 per year and $5,500 catch up contribution for those 50 or older. This means for anyone older than 50, you can put away a total of $22,000 a year.
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