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Ira Limits

The IRA limits define how much money an individual can invest in this type of retirement account. These limits are defined by the age of the individual as well as the year's limits. The amount of the IRA limit may change each year. In 2009, for example, individuals could contribute up to $5000 to their IRA account, in that year if they were under the age of 50. For those who are 50 or older, IRA limits increase to $6000 as a total contribution limit for the 2009 filing year. These limits include both Traditional IRA accounts and Roth IRA accounts.

Fast Facts

    • In studies done by the Department of Labor, those households that spend less than their income are most likely to have retirement accounts.
    • Those who spend less than their income are likely to have more money put aside for retirement as well.

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