Which of the following is true? As of 2023, the contribution limit for IRAs is 5,000 for workers under 50 years old. Bob, age 55, can contribute up to 5,000 in an IRA as of 2023. Bill, age 58, can contribute up to 7,000 in an IRA as of 2023. Joan, age 48, can contribute up to 7,000 in an IRA as of 2023.

## Step 1: Identify the correct IRA contribution limits for 2023### As of 2023, the contribution limit for IRAs is 7,500 for those aged 50 and above.## Step 2: Evaluate each statement### - The first statement is incorrect because the limit is 5,000.- The second statement is incorrect because Bob, being 55, can contribute up to 5,000.- The third statement is correct because Bill, being 58, can contribute up to 6,500, not $7,000.