Most any wage earner can open an IRA and contribute up to $7,500 of tax-deferred income each year to the account.

Question

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The maximum contribution limit for an IRA changes each year and for 2021, the maximum contribution limit is $6,000 with an additional $1,000 catch-up contribution for individuals aged 50 or older. However, the contribution limit may also be affected by factors such as income, filing status, and participation in employer-sponsored plans.

Most Any Wage Earner Can Open an IRA and Contribute