Roth IRA contribution limit increase starting in 2023


Just saw there was an increase to $6,500 for those aged 50 and lower? Then $7,500 for those 50 and up

I hope this isn’t a dumb question, but why still so little?

I was excited when I heard about the increase, then thought what the heck when I saw it increased by a measly $500

Why can’t it be $10,000 or more?

$6,500 and $7,500 are extremely small amounts annually when it comes to something so important

Also. Why can’t people contribute for past years? If they have their tax info still that they worked? Maybe they didn’t have the money then but do now. Why the annual deadline for the previous year?


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