People saving for retirement won’t be able to increase the amount they can put into their work savings accounts next year over this year’s maximum limit.
The IRS said the contribution limit will remain at $18,000 in 2016 because the cost-of-living index didn’t reach the threshold that would have triggered an increase.
Similarly, the annual contribution limit for an individual retirement account (IRA) will remain at $5,500, according to an article on marketwatch.com.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
