What is the annual contribution limit for an IRA (traditional or Roth) for tax year 2025?
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Explanation
The IRA contribution limit for 2025 is $7,000. Individuals aged 50 and older can contribute an additional $1,000 catch-up contribution for a total of $8,000. The limit applies across all your IRAs combined, not per account.
Social Security benefits can be claimed as early as age 62, but waiting until full retirement age or later significantly increases your monthly payment.