Ira Limits 2024 Income Over 65. The contribution limit on a simple ira, another workplace plan, also increased to $16,000 from $15,000. The 2024 annual ira contribution limit is $7,000 for individuals under 50, or $8,000 for 50 or older.

A couple could save $256,000. These charts show the income range in which your deduction may be disallowed if you or your spouse participates in a retirement plan at work: