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As of 2022, people 50 and under can contribute $6,000 in an IRA. The amount individuals over 50 can contribute is $7,000. For SEP IRAs the limit is $61,000.
For Solo 401(k)s the limit is $61,000 (under 50) and $67,500 (over 50). Whether you’re permitted to contribute the maximum, though, will be determined by your self-employment income. Follow this link to our Solo 401(k) Contribution Calculator.
Here’s a snapshot of the contribution limits:
| Retirement Plan | Contribution 2021: Under 50 | Contribution 2022: Under 50 | Contribution 2021: 50 and Over | Contribution 2022: 50 and Over |
|---|---|---|---|---|
| IRA: Traditional and Roth | $6,000 | $6,000 | $7,000 | $7,000 |
| Solo 401(k) | $58,000 | $61,000 | $64,500 | $67,500 |
| SEP IRA | $58,000 | $61,000 | 58,000 | $61,000 |
If you have additional questions, our experts are available at 1-800-395-5200.