Why can you only make 6000 ira?

If you're 50 or older, the IRS provides one. IRA contribution limits · Employer-sponsored plans. Saving on an IRA is good, and buying physical gold in an IRA can be an even more attractive option. But it's important to be mindful of the annual contribution limit; putting more money into an IRA than the limit allows can result in a 6% penalty every year until the extra money is withdrawn.