What are the contribution limits for an IRA in 2023?

For 2023, the IRA contribution limit will be $6,500 or $7,500 if you are at least age 50. This is a $500 increase to the 2022 limits. Here’s the breakdown for the 2023 IRA contribution limit changes.

Do IRA limits change every year?

Every year, the IRS makes cost of living changes to the IRA contributions limits. For 2023, the IRA contribution limit will be $6,500 or $7,500 if you are at least age 50. This is a $500 increase to the 2022 limits. Here’s the breakdown for the 2023 IRA contribution limit changes.

What is the IRA contribution limit for those 50 and over?

Those over age 50 can make catch-up contributions of $7,500. The contribution limit on a SIMPLE IRA, another workplace plan, also increased to $15,500 from $14,000 in 2022. The good news for savers is that the income limits are climbing — albeit modestly — for IRAs.