Turning 65 This Year: How Much Catch-Up Contribution Can I Make to My HSA?

Turning 65 is a milestone in life, and it can also bring changes to your HSA contributions. If you and your spouse are both turning 65 this year, you may be wondering how much catch-up contribution you can make to your HSA.

As you reach the age of 55 or older, you are eligible to make additional catch-up contributions to your HSA on top of the regular contribution limit. For the year 2021, individuals aged 55 and older can contribute an extra $1,000 to their HSA. This catch-up contribution allows you to save even more for medical expenses as you approach retirement.

Since you and your spouse are both turning 65 this year, you each can make a catch-up contribution of $1,000 to your respective HSAs. This means that as a couple, you can contribute a total of $2,000 in catch-up contributions for the year.

It's important to take advantage of catch-up contributions as you age, especially when planning for healthcare expenses in retirement. By maximizing your HSA contributions, you can build a significant nest egg to cover medical costs and enjoy tax advantages along the way.

As you approach the landmark age of 65, it’s essential to understand the benefits of HSA contributions. If both you and your spouse are reaching this milestone, each of you can contribute an additional $1,000 as a catch-up contribution to your respective HSAs, leading to a total of $2,000 in extra savings for the year.