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A recent MassMutual survey reveals that IRAs are increasingly popular among workers, and Roth IRAs are particularly appealing for tax-free withdrawals. Roth IRA contribution limits will increase in 2024. The IRS published the new limits, with the updated amounts being $7,000 for those under 50 and $8,000 for those 50 and older. Individuals exceeding the limit will face penalties. Additionally, 2024 will see increased income limits, ranging from a full contribution to ineligibility for singles and married couples, based on income. Anyone in the phase-out range can calculate their specific contribution limit through a series of steps.



Read more: Here Are the Roth IRA Contribution and Income Limits for 2024