The maximum allowed IRA (Individual Retirement Account) contribution for retirement in 2023 is $6,500 if you're below 50 years old and $7,500 if you're 50 or older.Assume these contribution limits stays constant. Say at age 30 you make your first contribution and start maxing out your IRA account every year. You make your last contribution at age 64.Assume you can earn 8% annually. How much will your account be worth when you are 64 years old?

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Okay lets solve this stepbystep Contribution limit from age 3049 20 years 6500 per year ... View the full answer