By using our Traditional, SEP, and Roth IRA Contribution Calculator above you can learn more about how much you can contribute this year to each retirement account.
A traditional IRA (individual retirement account) is a retirement account that you can open and fund yourself. This account is not through an employer. Contribution limits for 2021 are: $6,000 or $7,000 if you are 50 years or older. Income limitations apply.
A Roth IRA is also a retirement account that you open and fund yourself not through an employer. However, this account is different from a traditional IRA because you contribute after-tax money to it, so in retirement you can withdraw your money tax-free. Contribution limits for 2021: $6,000, or $7,000 if you are over 50 years old. Income limitations apply.
A SEP IRA (Simplified Employee Pension) is a retirement account for small business owners or self-employed people. Contribution limits for 2021: Whichever is lower of $56,000 or 25% of compensation per employee. Other limitations may apply.
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