Social Security Contribution Limit 2024 Over 50. While those are the absolute maximums that can be contributed. If you are age 50 or older by the end of the year, your individual limit is increased by $7,500 in 2023 and 2024;

Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older). The annual limit for simples and simple iras also will remain at.