What is the max contribution limit for my traditional or Roth IRA?


It's $5,500 per year, or $6,500 if you're over 50 years old, but there’s one major Roth-related asterisk to consider.

If you’re single and your adjusted gross income (AGI) is $120,000 or more, the IRS will reduce the amount you’re allowed to contribute to a Roth IRA, and if your AGI is $135,000 or more, you’re ineligible to contribute at all. For married filers, those earning more than $189,000 may contribute a reduced amount, but if you and your spouse earn a combined $199,000 or more, you’re sadly out of luck.

Computing the precise amount high earners can contribute to a Roth can be a little tricky, but the IRS provides all the parameters here.

Wealthsimple is investing on autopilot

In just 5 minutes we'll build a low-cost portfolio that's optimized for your financial goals.

Learn more