Because the Social Security Administration has announced that there will be no cost-of-living allowance increase in 2016 for beneficiaries, people socking money away in their 401(k)s will find themselves unable to raise their contributions—even if they can.
This is only the third time in 40 years that there hasn't been a COLA—the other two were in 2010 and 2011—since the automatic increase system went into effect in 1975.
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