2024 Ira Contribution Limits 50 Year Rule

2024 Ira Contribution Limits 50 Year Rule. Ira limits currently sit at $6,500 for savers under 50 and $7,500 for those 50 and over. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older).

If you are 50 and older, you can contribute an additional $1,000 for a total of $8,000. Anyone with earned income can contribute to a traditional ira, but your income may limit your.