Edgardo, a 54 year old single tax payers, earned $49,000 in wages. He is covered by an employer - sponsored retirement plan. What is his maximum allowable contribution to a traditional IRA for 2023? $6,500; $7,000; $7,500; $22, 500

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Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.