2016 & 2017 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 IRA’s) in a given year. Unfortunately, the 2016 maximum IRA contribution limit is the exact same (no increase) as the 2017 maximum IRA contribution limit. 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 index (CPI) annually. The maximum contribution limit applies to both Traditional IRA’s and Roth...

[Read the rest of the story at 20somethingfinance.com]