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Managing Your Account

How to Maximize Your IRA Contributions in 2019

March 7, 2019
Individual Investor Under 50Individual Investor 50 or Older
Month 1$500 (Total Contribution: $500)$587 (Total Contribution: $587)
Month 2$500 ($1,000)$583 ($1,170)
Month 3$500 ($1,500)$583 ($1,753)
Month 4$500 ($2,000)$583 ($2,336)
Month 5$500 ($2,500)$583 (2,919)
Month 6$500 ($3,000)$583 ($3,502)
Month 7$500 ($3,500)$583 ($4,085)
Month 8$500 ($4,000)$583 ($4,668)
Month 9$500 ($4,500)$583 ($5,251)
Month 10$500 ($5,000)$583 ($5,834)
Month 11$500 ($5,500)$583 ($6,417)
Month 12$500 ($6,000)$583 ($7,000)

Download Your 2019 IRA Contribution Tracker

If you’re under the age of 50, you have to save approximately $16.50 per day to reach the $6,000 contribution limit. If you’re over the age of 50, you have to save about $19.18 per day to reach the $7,000 contribution limit.

Additional Tax-Advantaged Contributions: Adding a Health Savings Account

In addition to contributing to IRAs, some individuals also have the option to make tax-advantaged contributions to an HSA, or Health Savings Account. In order to qualify for an HSA, you must be enrolled in a high deductible health plan (HDHP).

If you’re an individual under the age of 55 and qualify for an HSA, you can contribute $3,500 to your HSA for 2019. If you’re an individual age 55 or older and you qualify, you can contribute $4,500.

Are you interested in potentially maximizing your contributions to your IRA and an HSA? The contribution tracker goes as follows:

Individual Investor Under 50Individual Investor 50 to 54Individual Investor 55 or Older
Month 1 200 to an HSA+$500 to an IRA = $700
(Total Contribution: $700)
$200 to an HSA +$587 to an IRA = $787
(Total Contribution: $787)
$375 to an HSA + $587 to an IRA = $962
(Total Contribution: $962)
Month 2$300+$500=$800 ($1,500)$300 +$583= $883 ($1,670)$375 +$583= $958 ($1,920)
Month 3 $300+$500=$800 ($2,300)$300 +$583=$883 ($2,553)$375 +$583= $958 ($2,878)
Month 4$300+$500=$800 ($3,100)$300 +$583=$883 ($3,436)$375 +$583= $958 ($3,836)
Month 5$300+$500=$800 ($3,900)$300 +$583=$883 ($4,319)$375 +$583= $958 ($4,794)
Month 6$300+$500=$800 ($4,700)$300 +$583=$883 ($5,202)$375 +$583= $958 ($5,752)
Month 7$300+$500 =$800 ($5,500)$300 +$583=$883 ($6,085)$375 +$583= $958 ($6,710)
Month 8$300+$500=$800 ($6,300)$300 +$583=$883 ($6,968)$375 +$583= $958 ($7,668)
Month 9 $300+$500=$800 ($7,100)$300 +$583=$883 ($7,851)$375 +$583= $958 ($8,626)
Month 10$300+$500=$800 ($7,900)$300 +$583=$883 ($8,734)$375 +$583= $958 ($9,584)
Month 11 $300+$500=$800 ($8,700)$300 +$583=$883 ($9,617)$375 +$583= $958 ($10,542)
Month 12$300+$500=$800 ($9,500) About $26.03 per day$300 +$583=$883 (10,500)
About $28.77 per day
$375 +$583= $958 ($11,500)
About $31.50 per day

Even if completely maxing out your contributions by the end of the year isn’t your goal, remember that any amount you contribute and save this year will bring you one step closer to your overall financial goals and one step closer to building tax-advantaged wealth, whether you have a Traditional IRA, Roth IRA, Health Savings Account, or all three.


Equity Trust is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional.


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