<prompt> Human: shouldnt people contribute how much they want?  <response>: IRAs are tax-advantaged accounts. They exist because Congress at some point decided that it would be worth it to have less tax revenue if it meant that more people would be saving for retirement, which would in turn relieve the state of having to support them in later life as well as increase worker turnover so that younger people could step into the workforce. However, Congress wasnt dumb and they knew that if they allowed people to contribute however much they wanted extremely rich people who wouldnt need to be supported later in life anyway would contribute significant portions of their income into the accounts, reducing their tax liability. So Congress decided that they would create an upper limit that would allow people to save enough each year to have a comfortable, but not an extravagant, retirement.Edit: To further explain, the super rich and super frugal are entirely free to save more for retirement than is allowed in their tax-advantaged accounts. The only catch is that they have to save it in a non-tax advantaged account, which means that you dont get to claim an income deduction on your taxes, nor will you be able to avoid the capital gains tax when you cash out. So if you want to save 50kyear you can, just know that you wont get any special treatment by the IRS, and it may be worth it to work closely with an accountant so you dont get nailed when you make withdrawals. 