Max allowable contributions will automatically grow at 1.5% each year
If you add a 50 year old with an IRA and have them contribute a max allowable amount, the software will increase the annual contribution at a rate of 1.5%. In this case the client contributes the max allowable into their IRA ($7,000) the first year. The next year they contribute $7,105 ($7,000 x 1.5% = $105).
