Looking to save up for your golden years by contributing to an IRA account? Are you not sure about how much you can contribute? Check out the table below.
Traditional & Roth IRA Contribution Limits
Tax Year | Standard Limit | Contribution Limit age 50+ |
| 2021 | $6,000 | $7,000 |
| 2020 | $6,000 | $7,000 |
2019 | $6,000 | $7,000 |
Source: IRS
SEP IRA Contribution Limits
2021 Contributions to a SEP IRA each year cannot exceed the lesser of:
25% of compensation, or
- $58,000
2020 Contributions to a SEP IRA each year cannot exceed the lesser of:
25% of compensation, or
- $57,000
Source: IRS
To learn more about contribution deadlines, then click here.
To learn more about the potential tax benefit of a Traditional or Roth IRA, please click here.
Lastly, wondering how much you've already contributed? Click here.