The end of the year is an excellent time to check on your workplace financial accounts. The last day of December is sometimes an urgent deadline, so it can make sense to do some year-end housekeeping.
Max out retirement and health savings accounts. Before-tax contributions to the BMC 401(k) Plan will reduce current year taxes. The 2019 contribution limit is $19,000. People over age 50 can contribute an extra $6,000 in catch-up contributions, for a maximum contribution of $25,000. The contribution limit increases to $19,500 for 2020; the catch-up contribution limit rises to $6,500. The deadline is December 31 for this year's contributions.
Contributions to a health savings account (HSA) reduce taxes too. The IRS maximum annual contribution limit for HSAs in 2019 is $3,500 for those individuals electing single coverage under the HSA medical plan), and $7,000 for those electing family coverage. Individuals over age 55 may contribute an additional $1,000 (this applies to both single and family HDHP coverage). Family coverage includes any level of coverage other than employee-only coverage. The deadline for 2019 contributions to an HSA is April 15, 2020.
Source: Fidelty.com
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.
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