How To Change 401k Contribution

Alright, let’s talk 401k contributions. I know, I know. It sounds about as fun as watching paint dry, right? But trust me, this is the kind of boring that pays you back later.

Maybe you got a raise (congrats, you fancy thing). Or maybe you realized you’re giving Future-You way too much side-eye for working this hard. Either way, it’s time to tweak that number.

First, don’t panic. Changing your 401k contribution is easier than returning a sweater you bought online. Seriously. It usually takes five minutes, and you don’t even have to talk to a human if you don’t want to. Bless.

Log into your 401k account. You know, the one you set up when you got your job and immediately forgot the password to. Use that “Forgot Password” link—we’ve all been there.

Once you’re in, look for a section called “Contributions” or “Payroll Deductions.” It’s usually hiding under a tab like “My Account” or “Investments.” Click that bad boy.

You’ll see a little box or slider asking for a percentage. This is your moment. How much of your paycheck do you want to feed to Future-You?

A good rule of thumb? Bump it up to at least get your full company match. That’s free money, people. Like finding a twenty in your winter coat, but bigger.

If you’re feeling bold, try increasing by just one percent. You won’t even miss it. It’s like skipping one latte a week, except your retirement account high-fives you.

But wait—some companies let you split between Traditional (tax break now) and Roth (tax break later). Which one? Both is a power move. You’re hedging your bets like a financial ninja.

Now, about the exact number. Are you saving 10%? 15%? If you’re under 10%, don’t beat yourself up. Just nudge it up a little. Future-You will thank you with a yacht. Okay, maybe a kayak.

Hit “Save” or “Update.” Do not close the browser yet. That’s rookie moves. Make sure you see a confirmation—like a little green checkmark saying “You rock.”

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Boom. You’re done. That was faster than deciding what to watch on Netflix, right? And way more productive.

Here’s the secret sauce: you can do this any time. Get a bonus? Raise? Random windfall from a distant aunt? Log in and bump that percentage up. It’s your money—you’re in charge.

Some plans even let you do an automatic annual increase. That’s like setting your 401k on cruise control. Do that. Future-You loves lazy moves.

Worried you’ll mess it up? You won’t. If you put in too much, you can always dial it back. Over-saving for retirement is the best kind of mistake. “Oh no, I have too much money when I’m 65.” Yeah, cry me a river.

Also, keep an eye on that contribution limit. In 2024, it’s $23,000 (or $30,500 if you’re 50+). Don’t go over unless you want a phone call from HR. And no one wants that.

What if you’re self-employed? You’ve got different accounts (Solo 401k, SEP IRA). Same vibe though: pick a number, fund it, feel smug.

Now, a little pep talk. You might think, “I’ll save more next year.” Sound familiar? Spoiler: next year is now. Do it today. Even if it’s just 1% more.

Still on the fence? Imagine this: you’re 70, sipping a margarita on a beach. That drink is paid for by the 1% you bumped up today. You’re welcome.

How To Change 401(k) Contributions | FidQs | Fidelity Investments - YouTube

Oh, and one more thing—check your investment choices while you’re in there. Are you in a target-date fund? Good. Are you in cash? Yikes. Move that money to something that grows, like stock funds.

Don’t overthink it. A target-date fund is the lazy genius option. Pick the one with the year you’ll probably retire. Done.

If you want to get fancy, you can split your contribution between a Traditional and Roth 401k. Most plans let you do this. It’s like having your cake and eating it too, tax-wise.

Still stuck? Ask your HR person. They’ve seen it all. Trust me, they’d rather answer a simple “How do I change my 401k?” than deal with a payroll emergency.

And no, you don’t need a financial advisor to change a percentage. You just need a few minutes and the wifi password. You’ve got this.

Last thing: set a reminder to check it once a year. Maybe on your birthday? “Happy Birthday, you’re now saving 15%.” What a gift to yourself.

Seriously, go do it. Right now. Open a new tab. Log in. Change that number. Then come back and high-five yourself.

See? That wasn’t so bad. You’re basically a retirement rockstar now. Go treat yourself to a coffee—you earned it.