For 2023, the contribution limit for both is $6,500 per year or a cumulative total of $6,500 between both a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution. For 2024, the contribution limit for both is $7,000 per year or a cumulative total of $7,000 between both a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution.