Ira Contribution Limits 2024 Over 50 Years. Whether you’re contributing to a traditional ira, roth ira, or a combination, the 2024 contribution limit is $7,000, or $8,000 for those aged 50 and older. For 2024, the annual contribution limit for simple iras is $16,000, up from $15,500 in 2023.

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). These limits presume you, or you are your spouse, are reporting earned income on your tax return.