What is a "catch-up" IRA contribution, and am I eligible?

You are eligible to contribute to a Traditional IRA if you received taxable compensation during the year and you are under the age of 70½ by the end of the year. Traditional IRA contributions are not subject to income limits. You can contribute to a Roth IRA after age 70½ as long as you have taxable compensation. Roth IRA contributions are subject to income limits. If you are not employed but have a spouse who is, your spouse may be able to make a contribution on your behalf. You can open an IRA account even if you are covered by another retirement plan…

You can have both a Traditional and a Roth IRA with IBKR. For 2023, the annual contribution limit is up to $6,500, or $7,500 per year if you are age 50 or older, to any combination of Traditional and Roth IRAs that you have.

The contribution limit for 2022 is up to $6,000, and $7,000 for people age 50 or older. …

You can find information on current IRA contribution limits on our website. This limit is the most that can be contributed to all your combined IRAs, Traditional or Roth, for a given year…

Yes. You can contribute to a Roth IRA or Traditional IRA regardless of whether or not you have an employer-sponsored plan. In fact, IRAs are a great way to enhance your savings.

While participation in a retirement plan does not change how much you can contribute to an IRA, it can affect whether or not you are eligible to deduct your contributions to a Traditional IRA on your tax return. As long as you have earned compensation, you can always make nondeductible contributions to a Traditional IRA and benefit from tax-deferred earnings…