Ira Contribution Limits 2024 Phase Out Over 50

Ira Contribution Limits 2024 Phase Out Over 50. Contribution limits are enforced across traditional iras and roth iras, but income limits only apply to roth accounts. In 2024, the roth ira contribution limit is $7,000, or $8,000 for individuals age 50 and older, allowing those who are closer to retirement to make additional contributions.

Page last reviewed or updated: The limit on annual contributions to an ira is increased to $7,000 for 2024, up from $6,500 in 2023.