In 2021 the annual limit for your IRA contribution was six thousand dollars, for those 50 and under. If you were over 50 in 2021, the catch-up contribution rules increased your maximum limit to seven thousand dollars. Maximums for Roth IRAs are the same, but keep the following in mind. ...
In 2021 the annual limit for your IRA contribution was six thousand dollars, for those 50 and under. If you were over 50 in 2021, the catch-up contribution rules increased your maximum limit to seven thousand dollars. Maximums for Roth IRAs are the same, but keep the following in mind. ...
This maximum IRA contribution article has been updated with information for the 2024 and 2025 tax years.The IRS hasannouncedthe 2025 maximum IRA contribution limit, which is the max that individuals can contribute to their IRAs in a given calendar year. The 2025 maximum IRA contribution limit wil...
Inflationary pressures are likely the main reasons for such a high contribution limit increase. For example, the Social Security Administration raised itscost-of-living-adjustment in 2022by an impressive 5.9% to account for inflation. In 2023, the COLA adjustment then went up by8.7%! If you are...