Simple Ira Contribution Limits 2024 Over 50. Employees 50 and older can make an extra $3,500. Unlike traditional iras, there are income limits on who can open a roth ira.
โ the combined annual contribution limit for roth and traditional iras for the 2024 tax year is $7,000, or $8,000 if you’re age 50 or older. โ the contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.