Courtesy of NAEA

Social Security Update

Look for Social Security recipients to receive a 1.4% cost of living in their monthly checks, starting next year. This translates to a $13 per month increase for the average recipient. The increase will come to 46 million SS beneficiaries as well as 7 million Supplemental Security Income (SSI) recipients.


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Courtesy of IRS
IRS Announces new Pension Plan limitations for 2003

401(k) Deductions are increased to $12,000

SIMPLE contributions increase to $8,000

Catch-Up contributions for employer retirement plans increase by $500 or $1,000, depending on the plan.

Published TaxMama.com 10.25.02