How Much Can I Contribute to My Roth IRA and My HSA?

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Inflation changes and expert guidance reminder

When it comes to planning for your future and managing your finances, knowing how much you can contribute to your retirement accounts like a Roth IRA and Healthcare Savings Account (HSA) is crucial. Let's break down the contribution limits for both of these accounts:

It's important to note that these contribution limits are subject to change each year based on inflation adjustments. Consult with a financial advisor or tax professional to ensure you are maximizing your contributions within the allowable limits.

Roth IRA 2021 contribution limits overview

Roth IRA:

• For 2021, the contribution limit for a Roth IRA is $6,000 for individuals under 50 years old.
• For individuals 50 and older, there is a catch-up contribution limit of an additional $1,000, making the total contribution limit $7,000.

Understanding how much you can contribute to your Roth IRA and HSA is essential, especially as these accounts serve different but crucial purposes. For a Roth IRA, in 2021 the contribution limit remains at $6,000 for those under 50 years, but if you are 50 or older, your total limit increases to $7,000 thanks to a catch-up contribution.

HSA 2021 contribution limits overview

HSA:

• In 2021, the contribution limit for an HSA for individuals with self-only coverage is $3,600.
• For those with family coverage, the contribution limit is $7,200.
• Individuals 55 and older can make an additional catch-up contribution of $1,000.

When it comes to HSAs, individuals with self-only coverage can contribute up to $3,600, while those with family coverage can contribute as much as $7,200. If you’re over 55, don’t forget that there's an extra $1,000 you can add as a catch-up contribution!