IRA Act of 2021

The Increasing Retirement Amount (IRA) Act of 2021 proposes to double the annual contribution limit for Individual Retirement Accounts (IRAs) from $6,000 to $12,000 for individuals who do not have access to an employer-sponsored retirement plan. Additionally, the bill would increase the "catch-up" contribution limit, allowing older Americans to set aside more money for retirement as they approach the end of their careers. If passed, this legislation would provide workers without workplace 401(k)s the opportunity to save significantly more in tax-advantaged accounts to improve their long-term financial security.