How to manage your 401k

Are you on track to contribute the maximum amount of $20,500 to your 401k accounts this year? If not, you still have 3 paychecks to make up for lost time. How?

1️⃣ Calculate your remaining contribution by subtracting your 2022 contribution so far from the maximum possible $20,500.

2️⃣ Divide the remaining contribution by 3 (three remaining pay periods).

3️⃣ Go to your 401k website.

4️⃣ Change your contribution percentage for each paycheck to reflect the amount calculated in step 2. Did you know that you can contribute up a maximum of 65% of paycheck to your 401k in each pay period!

5️⃣ Check with your company’s HR/Benefits administration team to make sure this change will take effect before Nov 15th payroll is processed.

✅ That’s it. Spending 10 minutes on this will ensure you are making your financial future more secure, while enjoying tax benefits offered by 401k plans.

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