The Individual Retirement Account, or IRA contribution limits change every year, depending on the Federal government’s analysis of the changing standard of living rates across the country. For a long time these limits stood at $2,000 a year, but in 2008 they were raised. Now, investors with any type of Individual Retirement Account must check annually to determine whether the contribution amounts have changed from the previous year.
In 2008, the IRS raised the IRA contribution limit to $5,000 thanks to a higher price of living in our country. For 2009, this limit remains unchanged. Yet, there are some additional things to be considered.
First, the $5,000 yearly contribution limit is for the total contributions of all of your IRA and 401K accounts, even if they are different types of accounts. So, instead of investing this amount into each account, your total sum of all accounts must be at or under this limit. Continue reading ‘Individual Retirement Account – IRA Contribution Limits?’ »
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