SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue,
as well as taking action as informed allies. We are donating $1 million to organizations that empower people of color and their allies.
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. Contributions limits for 2019 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. Contributions limits for 2019: $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 2019: Whichever is lower of $56,000 or 25% of compensation per employee. Other limitations may apply.
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Investing advice, saving strategies, and smarter ways to manage your finances—find it all on the SoFi blog.
What’s the difference between bonds and stocks? If want to brush up on your investing lingo, check out our glossary.