To change your 401(k) contribution with Fidelity, follow these steps:
1. Sign in to your Fidelity account online.
2. Click on the “Retirement” tab.
3. Select your 401(k) plan.
4. Click on the “Contribution” tab.
5. Enter the new contribution amount or percentage.
6. Click on the “Update” button.
Your changes will take effect on your next paycheck. You can also change your contribution amount or percentage by calling Fidelity’s customer service number or by visiting a Fidelity Investor Center.
Fidelity Contribution Allocation
Fidelity makes it easy to change your 401k contribution. Follow these simple steps to get started.
- Log in to your Fidelity account.
- Click on the “Retirement” tab.
- Select your 401k plan.
- Click on the “Contributions” tab.
- Enter your new contribution amount in the “Enter your contribution amount” field.
- Click on the “Save” button.
Your new contribution amount will take effect the next time your paycheck is processed.
| Contribution Type | Maximum Contribution Limit |
|---|---|
| Traditional 401k | $20,500 |
| Roth 401k | $20,500 |
| Catch-up contributions (age 50 or older) | $6,500 |
Updating Investment Preferences
Once you’ve enrolled in your 401(k) plan, you’ll need to decide how to invest your contributions. Fidelity offers a wide range of investment options, including:
- Target-date funds
- Index funds
- Mutual funds
- Exchange-traded funds (ETFs)
- Individual stocks and bonds
The best way to choose investments that are right for you is to consider your investment goals, risk tolerance, and time horizon. If you’re not sure where to start, you can talk to a financial advisor.
Once you’ve chosen your investments, you can make changes to your portfolio at any time. To do this, simply log in to your Fidelity account and click on the “Investments” tab. Then, click on the “Change investments” link.
From there, you can make changes to your investment allocation, add or remove investments, and rebalance your portfolio.
Table of Investment Options
| Type of Investment | Description |
|---|---|
| Target-date funds | These funds are designed to automatically adjust your asset allocation based on your age and retirement date. |
| Index funds | These funds track a specific index, such as the S&P 500. |
| Mutual funds | These funds are professionally managed and invest in a variety of assets, such as stocks, bonds, and real estate. |
| Exchange-traded funds (ETFs) | These funds are similar to mutual funds, but they trade on exchanges like stocks. |
| Individual stocks and bonds | These investments give you more control over your portfolio, but they also come with more risk. |
Managing Retirement Savings
401(k) plans are tax-advantaged retirement accounts offered by many employers. They allow employees to save for retirement on a pre-tax basis, which can reduce their current tax liability. Fidelity is a popular provider of 401(k) plans. Here are some things to consider when changing your 401(k) contribution with Fidelity:
Contribution Limits
- For 2023, the contribution limit for 401(k) plans is $22,500 (plus a catch-up contribution limit of $7,500 for individuals who are age 50 or older by the end of the calendar year).
- Employers may also make matching contributions to their employees’ 401(k) plans. The amount of the match is typically determined by the employer’s plan design.
Investment Options
- Fidelity offers a wide range of investment options for 401(k) plans, including mutual funds, ETFs, and individual stocks and bonds.
- When choosing investment options, it’s important to consider your age, risk tolerance, and investment goals.
Fees
- Fidelity charges a variety of fees for 401(k) plans. These fees include administrative fees, investment management fees, and transaction fees.
- It’s important to compare the fees charged by Fidelity with the fees charged by other providers before making a decision.
How to Change Your Contribution
To change your 401(k) contribution with Fidelity, you can follow these steps:
- Log in to your Fidelity account.
- Click on the “Retirement” tab.
- Click on the “My 401(k)” link.
- Click on the “Change My Contribution” link.
- Enter the new contribution amount you want to make.
- Click on the “Save” button.
Table of Fees:
| Fee | Amount |
|---|---|
| Administrative fee | 0.05% of assets |
| Investment management fee | 0.10% of assets |
| Transaction fee | $7.95 per trade |
## Online Account Management
Managing your 401(k) online with Fidelity is a convenient way to stay on top of your retirement savings. You can make changes to your contributions, view your account balance, and more.
### Changing Your 401(k) Contribution
To change your 401(k) contribution online:
1. Log in to your Fidelity account.
2. Click on the “Retirement” tab.
3. Select “401(k) Plans” from the drop-down menu.
4. Click on the “Change Contribution” link.
5. Enter your new contribution amount.
6. Click on the “Submit” button.
### Viewing Your Account Balance
To view your 401(k) account balance online:
1. Log in to your Fidelity account.
2. Click on the “Retirement” tab.
3. Select “401(k) Plans” from the drop-down menu.
4. Click on the “Account Balances” tab.
### Additional Features
In addition to changing your contribution and viewing your balance online, you can also use Fidelity’s online account management to:
- Make withdrawals
- Transfer funds
- View your investment performance
- Get help from Fidelity’s customer service team
## Tips for Changing Your 401(k) Contribution
Here are a few tips for changing your 401(k) contribution:
1. **Consider your budget.** Make sure you can afford to increase your contribution.
2. **Think about your retirement goals.** How much money do you want to save for retirement?
3. **Maximize your employer match.** Many employers offer a matching contribution to their employees’ 401(k) plans. If your employer offers a match, be sure to contribute enough to take advantage of it.
4. **Don’t be afraid to make changes.** Your retirement savings needs may change over time. If you need to make changes to your contribution, don’t hesitate to do so.
## Additional Resources
For more information on 401(k) plans, visit the following resources:
| Resource | Link |
|---|---|
| Fidelity 401(k) Plans | https://www.fidelity.com/retirement-ira/401k |
| IRS 401(k) Plans | https://www.irs.gov/retirement-plans/401k-plans |
Well, folks, there you have it! Whether you’re a seasoned pro or just dipping your toes into the 401(k) pool, changing your contributions with Fidelity is a breeze. Remember, it’s never too late to invest in your future. So if you haven’t checked your contributions lately, I encourage you to do so and make any adjustments you deem fit.
Thanks for hanging out with me, and be sure to drop by again soon for more financial insights and money-saving tips. Cheers!