Maximum Traditional IRA Contribution Limits for 2021 & 2022

Traditional IRAs are a great retirement planning tool for many U.S. taxpayers.

Traditional IRAs allow taxpayers to contribute funds to a retirement account, where the investment earnings will grow tax-deferred until the individual turns 65 and starts to draw retirement distributions from the account.

A traditional IRA can be created by any U.S. person, regardless of income limits, or whether the person is already covered by a retirement plan at work. What individuals need to be mindful of is the deductibility of their contributions.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.