November 7, 2019

The IRS increased the elective deferral limits for 2020 from $19,000 (the limit in 2019) to $19,500.

The catch-up contribution limit is $6,500 for those 50 and older.

More information can be found on the irs.gov site here.

Health Savings Account (HSA) contribution limits for 2020 are $3,550 for an individual with coverage under a qualifying high-deductible health plan (HDHP), and $7,100 for an individual with family coverage under an HDHP. Those 55 or older can make additional catch-up contributions of $1,000 per year.

Take a look at “TSP Fund Returns” to see how higher contributions can help to build wealth over time!

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