The Internal Revenue Service announced cost-of-living adjustments on the dollar limitations for pension plans and other items in tax year 2009, even as Social Security benefits are expected to rise next year.
The Social Security Administration said benefits would climb 5.8 percent in 2009 as a result of cost-of-living adjustments, the biggest jump since 1982. Average monthly Social Security benefits for retired workers will rise $63 from $1,090 to $1,153.
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