2024 Ira Catch Up Contribution Limits Over 50

2024 Ira Catch Up Contribution Limits Over 50. The 2024 simple ira contribution limit for employees is $16,000. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older.

Another option is a sep ira, which has. As an employer, you can also contribute up to 25% of your compensation, for a combined total of up to $69,000 in 2024, or $76,500 if you’re 50 or older.