Roth Ira Contribution Limits 2024 Over 50

Roth Ira Contribution Limits 2024 Over 50. For 2024, individuals younger than 50 can contribute up to $7,000 to a traditional ira or roth ira. For those 50 or older, the limit is $8,000, up by $1,000, allowing older savers to accelerate their retirement savings.

This is an increase from 2023, when the limits were $6,500 and $7,500, respectively. Any distributions you take won’t be taxed if you make them after age 59 1/2 and the account is at least 5 years old.