How to Change My 401k Contribution

To modify your 401k contribution, access your employer-provided retirement account website or portal. Once logged in, navigate to the section that allows you to update your contribution amount. You can typically select a percentage of your salary to contribute or enter a specific dollar amount. Review the contribution limits to ensure your desired amount is within the allowable range. Submit your changes and confirm that the adjustments have been processed successfully. Remember, your contribution changes may impact your taxes, so it’s advisable to consider your financial situation before making any modifications.

How to Change My 401k Contribution

Your 401k is a powerful savings tool that can help you reach your financial goals, such as retirement or buying a home. But what if you need to change your contribution amount? Maybe you’ve gotten a raise and can afford to save more, or maybe you’re on a tight budget and need to cut back. Whatever the reason, changing your 401k contribution is easy. Here’s how to do it:

1. Determine Your Savings Goals

Before you change your contribution amount, it’s important to determine your savings goals. How much money do you want to save for retirement? What age do you want to retire? What kind of lifestyle do you want to live in retirement? Once you know your goals, you can calculate how much you need to save each month to reach them.

Here’s a simple formula you can use to calculate your savings goal:

Retirement savings goal = (Retirement age – Current age) x (Annual expenses) x (Inflation rate)

For example, if you’re 30 years old, want to retire at age65, and have annual expenses of $50, 000, your retirement savings goal would be:

(65 – 30) x $50,000 x 3% = $1, 750,000

This means you would need to save $1,750,000 by the time you retire.

2. Log in to Your 401k Account

Once you know your savings goals, you can log in to your 401k account online and change your contribution amount. You’ll need your account number and password to log in.

3. Find the “Contribution” Tab

Once you’re logged in, find the tab labeled “Contributions.” This is where you can view and change your contribution amount.

4. Enter Your New Contribution Amount

Enter the new contribution amount you want to make each paycheck. You can choose a specific dollar amount or a percentage of your paycheck.

5. Save Your Changes

Once you’ve entered your new contribution amount, click the “Save” button. Your changes will be processed immediately.

Here’s a table summarizing the steps on how to change your 401k contribution:

Changing Your 401k Contribution

Making changes to your 401k contribution is usually a simple process. By following these steps, you can adjust your contribution amount and ensure that your retirement savings are on track.

Accessing Your 401k Plan

  • Log in to your 401k plan’s website or mobile app.
  • If you don’t have an online account, contact your plan administrator to request access.
  • Once you’re logged in, navigate to the “Contributions” section.

Updating Your Contribution Amount

Within the “Contributions” section, you should see options to adjust your contribution amount.

  • Enter the new percentage or dollar amount you want to contribute.
  • Make sure to review the contribution limits for the year.
  • Click “Submit” or “Update” to save your changes.

Contribution Options

Depending on your plan, you may have different contribution options available.

1Determine your savings goals.
2Log in to your 401k account.
3Find the “Contribution” tab.
4Enter your new contribution amount.
5Save your changes.
Contribution TypeDescription
Pre-taxContributions are made before taxes are taken out, reducing your current taxable income.
RothContributions are made after taxes are taken out, but withdrawals in retirement are tax-free.
After-taxContributions are made after taxes, but earnings grow tax-free, and withdrawals are taxed as income.

Confirmation and Next Steps

After updating your contribution amount, you should receive a confirmation message.

  • Monitor your account statement to ensure your new contributions are being made.
  • Consider increasing your contribution over time to maximize your retirement savings.

Modifying Contribution Percentage

Changing your 401(k) contribution percentage is a simple process that can be done online or through your employer. Here are the steps:

  1. Log in to your 401(k) account. You can usually do this through your employer’s website or the website of your 401(k) provider.
  2. Find the section on contributions. This section may be called “Contributions” or “My Account.” Within this section, locate the field to enter your desired contribution percentage.
  3. Enter your new contribution percentage. You can choose to increase or decrease your contribution percentage. It’s essential to consider your budget and financial goals when making this decision.
  4. Submit your changes. Once you have entered your new contribution percentage, click “Submit” or “Update.”

Changes to your 401(k) contribution percentage will generally take effect for the next pay period.

Additional Considerations

  • Contribution Limits: There are annual limits on how much you can contribute to a 401(k). These limits are set by the Internal Revenue Service (IRS) and are subject to change each year.
  • Catch-Up Contributions: If you are age 50 or older, you may be eligible to make additional “catch-up” contributions to your 401(k).
  • Tax Implications: Remember that 401(k) contributions are made on a pre-tax basis. This means that your contributions are deducted from your paycheck before taxes are calculated. In retirement, however, withdrawals from your 401(k) are taxed as ordinary income.


The timeline for changing your 401(k) contribution depends on your employer’s plan. Some plans allow you to make changes online, while others require you to submit a form to your HR department. Generally, you can expect your changes to take effect within a few pay periods.


Once you’ve made changes to your 401(k) contribution, it’s important to confirm that they’ve been processed correctly. You can do this by logging into your online account or contacting your HR department.

  • Online: If your plan offers online access, you can usually view your contribution changes by logging into your account.
  • HR Department: If your plan doesn’t offer online access, you can contact your HR department to confirm your contribution changes.

Contribution Limits

The amount of money you can contribute to your 401(k) is limited by the IRS. The limits vary depending on your age and income. For 2023, the limits are:

AgeContribution Limit
Under 50$22,500
50 and over$30,000

Alright folks, that’s the lowdown on how to tweak your 401k contributions. Remember, it’s like tweaking the knobs on your retirement radio – a few small adjustments can make a big difference in the long run. Thanks for hanging with me, and if you’ve got any more financial tweaks you want to master, feel free to swing by again. I’ve got tons more tips and tricks up my sleeve. Keep hustling, stay savvy, and see you soon!