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IRA Contribution Limit Raised to $7,000 for 2024

The IRS has released cost-of-living adjustments (COLAs) for 2024. Many IRA limits will increase next year.Higher IRA ContributionsThe limit on annual contributions to an IRA is increased to $7,000 for 2024, up from $6,500 in 2023. The IRA catch up contribution limit for individuals aged 50 and over was changed to now include a COLA under the SECURE 2.0 but remains $1,000 for 2024.

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