What You Need to Know About IRA Contribution Limits This Year
Saving for retirement can be more effective when you understand the contribution limits and rules that apply to your accounts. Each year, the IRS may adjust IRA contribution limits based on inflation and policy updates. Staying informed helps you maximize the benefits of tax-advantaged savings while avoiding penalties. Here’s what to know about IRA contribution limits this year and how they may impact your retirement strategy. Current IRA Contribution Limits For this year, the contribution limits are: $6,500 if you’re under age 50 $7,500 if you’re age 50 or older (includes a $1,000 catch-up contribution) [...]