No. of Recommendations: 1
Greetings, LnJM002, and welcome. You asked:

Do I understand clearly that the yearly contribution to an IRA is now $3000 instead of $2000 AND if anyone is over 50 years of age, they can add an additional $500 making a $3500 total contribution for the year?

Yes, you understand that issue correctly for this year. As to future years, the maximum contribution as well as the catch up contribution will increase as shown in our IRA area at

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