2007-2008 IRA Contribution Limits

Although you have until April to get your retirement contributions figured out, below are the limits for this tax year (2007) and 2008 for those of you thinking ahead. For 2007, individuals under 50 can contribute up to $4,000. This number rises to $5,000 for 2008. If you are over the age of 50 you can make "catch-up" contributions and contribute $5,000 in 2007 and $6,000 in 2008.

It should be noted that these limits apply to individual contributions to Roth IRA's, traditional IRA's and to SEP plans.