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Quest Trust Company›Blog›Health Savings Account (HSA)

Tag: Health Savings Account (HSA)

2020 Investment Account Contribution Limits

Posted on January 6, 2020July 13, 2020 by Quest Trust Company
Estimated reading time: 2 minutes

If you have a 401k, SEP IRA, simple IRA, or HSA, you’ll be able to contribute more to your account(s) next year, which can help you build your retirement savings! The limit on contributions changes from one year to the next due to inflation. However, the limits don’t change every year, and this year they don’t impact all types of retirement accounts.

How have the contribution limits changed?

The contribution limits have increased slightly for some types of accounts, and they have stayed the same for others. 

2020 Investment Account Contribution Limits:

Account2019 Limit2020 Limit
Traditional, Roth IRA$6,000$6,000
ESA$2000$2000
401(k)$19,000$19,500
Individual HSA$3,500$3,550
Family HSA$7,000$7,100
SEP IRA$56,000$57,000
Simple IRA$13,000$13,500

What will these changes mean for investors?

These changes will mean that investors will be able to put more money aside for the future, which will lead to a potentially larger nest egg. 

Furthermore, it will help to reduce the tax burden on the retirement funds of millions of Americans. In fact, these changes have significantly increased the contribution limits for many investment accounts!

What changes can you expect in the future?

The contribution limits are expected to continue increasing in the future due to inflation. The specific amount that contribution limits will increase by depends on the inflation rate at the time as well as other economic factors, which are difficult to predict. 

Therefore, it’s important to stay up to date on future changes to investment account contribution limits, which will allow you to make the most of your retirement accounts every year.

Luckily, opening a Quest account can allow you to easily deposit checks into your investment accounts as quickly as possible, and we’ll do it for free within 24-48 hours. Furthermore, our specialists can ensure that you stay up to date on the latest contribution limits. So, open a Quest account today!

Posted in 401k Education, Contributions, Coverdell ESA, Health Savings Account, Health Savings Account (HSA), IRA Education, Roth IRAs and Roth Conversions, SEP and SIMPLE IRAsTagged 401k education, Contributions, Coverdell ESA, Health Savings Account, Health Savings Account (HSA), IRA Education, Roth IRAs and Roth Conversions, SEP and SIMPLE IRAsLeave a comment
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