How to Change Your Fidelity Contribution Amount Online

Navigating personal finance involves actively managing various accounts, including retirement and investment contributions. Fidelity provides online tools designed to give individuals control over their contribution amounts, allowing for adjustments as financial situations evolve. Understanding how to utilize these digital resources empowers individuals to align their savings strategies with their financial goals. The online platform streamlines the process, making it accessible to modify contributions to different account types from the convenience of a personal device.

Gathering Information for Your Contribution Change

Before initiating a change to your Fidelity contribution, gather specific details. Begin by identifying the exact account you wish to modify, whether it is an employer-sponsored 401(k) plan, an Individual Retirement Account (IRA), or another type of brokerage account. Each account type may have slightly different screens or requirements within the platform.

Next, know your current contribution amount or percentage. For employer-sponsored plans like a 401(k), this often involves a percentage of your gross pay, while IRAs typically involve a fixed dollar amount. Know your existing and desired new contribution amounts or percentages for accurate input. Also consider the effective date for your intended change, as this can influence when the new contribution begins.

For employer-sponsored plans, changes impact future payroll deductions, meaning the new contribution will take effect based on your employer’s payroll cycle. This typically spans one to two pay periods following your online submission. For individual accounts like an IRA, contributions can be one-time or recurring. Logging into your Fidelity account and navigating to the general contributions area allows you to view your existing settings and prepare the necessary figures.

Step-by-Step Guide to Changing Contributions Online

With your information ready, proceed to update your contribution amount through Fidelity’s online platform. First, log into your Fidelity account, which may be through Fidelity.com for individual accounts or NetBenefits.com for employer-sponsored plans. Upon successful login, you will typically find a dashboard or summary of your accounts.

Locate the specific account for which you intend to modify contributions. For 401(k)s, you often click on “Quick Links” next to your plan, then select “Contribution Amount” or “Manage Contributions” from the dropdown menu. For IRAs, you might look for options related to transfers, contributions, or managing recurring investments.

Within the contribution settings, you will be prompted to enter your desired new contribution. For 401(k)s, this often involves adjusting a percentage of your salary or a specific dollar amount per pay period. For IRAs, you will specify the dollar amount and the frequency of the contribution, such as monthly or annually. Ensure you accurately input the figures, including the effective date if presented.

Before finalizing the adjustment, the system will typically provide a review screen summarizing your proposed changes. Carefully examine all details, including the account name, the new contribution amount or percentage, and the effective date. After verifying the accuracy of the information, confirm your change by clicking a button such as “Change Contribution Amount” or “Submit.” This action sends your request for processing.

Confirming Your Contribution Changes

After submitting your contribution change online, the Fidelity platform will typically provide an on-screen confirmation message. This message often includes a confirmation number. Following this, Fidelity usually sends an email notification titled “Confirmation of your election change” to the email address on file for verification.

To verify the change has been processed and reflected in your account, you can typically check your account’s transaction history or contribution statements online. For 401(k) plans, changes often take one to two pay periods to become effective and appear in your payroll deductions. You can also review upcoming contributions or updated statements to confirm the new amount is being applied.

If the change does not appear as expected within a reasonable timeframe, or if you encounter any discrepancies, contact Fidelity’s customer service for assistance. For employer-sponsored plans, you may also need to coordinate with your employer’s HR or payroll department. Maintaining a record of your confirmation number and the date of your online submission can aid in resolving any potential issues.