Most people aren’t maxing out their Roth IRA contributions—less than 30% hit the 2023 limit of $6,500 (or $7,500 if age 50+), but that doesn’t mean your retirement plan is failing. Roth IRAs offer tax-free growth and withdrawals, unlike 401(k)s, which require active contributions. Even small, consistent deposits build wealth over time, and contributions often rise with age—even if not in a straight line. Income limits and IRS rules cap contributions based on earned income and total IRA contributions across all accounts. Use windfalls like bonuses or refunds to boost savings without straining your budget. You don’t need to max out to benefit—just keep saving consistently.
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