Ira Limits 2024 Over 50. 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). Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income.

For 2024, the annual ira contribution limit is $7,000 per year for people under age 50. If you’re age 50 and older, you.