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A traditional IRA is an individual retirement arrangement (IRA), established in the United States by the Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18). Normal IRAs also existed before ERISA.
The IRA, originally offered strictly through banks, become instantly popular, garnering contributions of $1.4 billion in the first year (1975). Contributions continued to rise steadily, amounting to $4.8 billion by 1981.
When the individual retirement account (IRA) was created in 1974, the contribution limit per year was $1,500; it has since climbed to $7,000 for those under age 50 for 2024 and 2025.
In 1974, the Employee Retirement Income Security Act (ERISA) created individual retirement accounts (IRAs). Congress designed traditional IRAs originally to have two roles: first, to give individuals not covered by retirement plans at work a tax-advantaged savings plan, and second, to play a complementary role to the employer-sponsored ...
The IRA limit's evolution from creation in 1974 until 2023. Includes key laws on how the IRA works for individuals and spouses, plus age 50+ catch-up.
In 1981, with the passage of the Economic Recovery Tax Act (ERTA), all taxpayers could contribute to an IRA for themselves (up to $2,000) and their nonworking spouses (up to $250), as long as...
Traditional IRAs. A traditional IRA is a way to save for retirement that gives you tax advantages. Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA. See IRA Resources for links to videos and other information on IRAs.