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Usually, the IRA should not deal in any asset or business that benefits the owner, a relative of the proprietor, or anyone offering administrative companies for the account (except in accordance with fiduciary obligation). The annual contribution limit for 2015, 2016, 2017 and 2018 is $5,500, or $6,500 if you are age 50 or older. The annual contribution limit for 2023 is $6,500, or $7,500 if you’re age 50 or older (2019, 2020, 2021, and 2022 is $6,000, or $7,000 if you are age 50 or older). For that reason, it is mostly beneficial to opt for a direc