How Much Can You Contribute to HSA at Age 61?

Are you approaching your 60s and wondering about your HSA contributions? You'll be glad to know that the IRS allows individuals aged 55 and above to make additional catch-up contributions to their HSA. At age 61, the 2021 contribution limit is $4,750 for self-only coverage and $8,050 for family coverage, which includes the extra $1,000 catch-up contribution.

Here are some key points to consider:

• Individuals aged 55 and older can make catch-up contributions to their HSA.
• The 2021 HSA contribution limit at age 61 is $4,750 for self-only coverage and $8,050 for family coverage.
• These limits include the additional $1,000 catch-up contribution.

As you near your 60s, understanding your HSA contributions becomes essential. At age 61, the IRS permits individuals to contribute up to $4,750 for self-only coverage and $8,050 for family coverage, and this includes an extra $1,000 catch-up contribution for those aged 55 and older.

Here are a few crucial details to keep in mind:

• Catch-up contributions allow those 55 and older to enhance their savings.
• For 2021, the maximum HSA contribution is $4,750 for self-only and $8,050 for family plans, factoring in the catch-up contribution.
• The additional $1,000 is a fantastic way to boost your health savings as you approach retirement.