2019 & 2020 Maximum IRA Contribution Limits

The IRS just announced its annual update to the maximum IRA contribution limits, which is the max anyone can contribute to an IRA (or multiple IRA’s combined) in a given year. Unlike last year, there was no increase in the max IRA contribution. The 2019 maximum IRA contribution had increased by $500 over 2018, which had been the first such increase in 6 years. Similar to 401K’s, the maximum IRA contribution limit is set annually by the IRS and it is the limit that any individual can legally contribute to their IRA plans. The IRS determines increases by reviewing the consumer price...

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