Simple Ira Limits 2024 Over 50. A simple ira is an excellent tool for small business owners to help employees save up for retirement. The 2024 simple ira contribution limit for employees is $16,000.
This amount has slightly increased from the 2023 simple ira contribution limit of $15,500. The combined annual contribution limit for roth and traditional iras for the 2024 tax year is $7,000, or $8,000 if you’re age 50 or older.