Is there a limit to how much I can contribute?

Yes, contribution limits for IRAs are set by the federal government. For 2025, you can save up to $7,000 per year if you’re younger than 50 and $8,000 per year if you’re 50 or older, as long as you have earned at least that much. If you contribute to a Roth IRA, you must also meet certain income levels based on your modified adjusted gross income (MAGI). This contribution limit applies to all IRAs you may have (both traditional and Roth IRAs with the State and elsewhere).