Tribution 2024 Over 50. Those limits reflect an increase of $500. If you’re single, your contributions to a traditional ira up to $6,500 (or $7,500 if over age 50) are deductible regardless of your income if you’re not covered by a workplace.

The total employee contribution limit to all 401(k) and 403(b) plans for those under 50 will be going up from $23,000 in 2024 to $23,500 in 2025. If you’re age 50 or older, you’re eligible for extra contributions as well.