Contribution Limits

The Internal Revenue Service (IRS) sets limits on how much you can contribute to your IRA. The maximum amount an individual can contribute rose to $6,000 in 2019.

In 2020, those 50 years or older may contribute an additional $1,000 annually. While beneficial to all workers over age 50, these "catch-up contributions" are especially helpful to women, who may have failed to save adequately for retirement due to interruptions in their careers for child-rearing and family caregiving.