What is the maximum contribution limit for a Roth IRA for individuals under 50 for the tax year 2023?

For the tax year 2023, the maximum contribution limit for a Roth IRA for individuals under 50 is $6,500. This figure reflects an increase from previous years, as inflation adjustments are periodically made to retirement savings accounts.

The contribution limits for IRAs, including Roth IRAs, are set by the IRS and can change annually to keep pace with inflation.

Individuals under 50 are allowed to contribute this amount without any additional catch-up contributions, which are available to those aged 50 and older. Understanding these limits is essential for effective retirement planning, as maximizing contributions can significantly enhance the growth potential of retirement savings over time.