Since based on the IRA rules, the contribution limits for the Individual Retirement Accounts are being updated every year based on the cost-of-living changes, it is essential you to be aware of and stay updated with the current IRA contribution rules and limits so that you can get the most out of your IRA.
This year 2012, there are revised contribution limits for Traditional IRA, Roth IRA, SIMPLE IRA, and SEP IRA.