Can I stop contributing to my 401k?

Question: What happens if I stop contributing to my 401 k?

I am currently thinking of stopping my contributions to my 401k because I need the money for various reasons. How often can you make changes to your 401k yearly and what happens if I stop making contributions?

Answer:

You should speak to the administrator of your play. Each plan varies, but most will allow you to start and stop 401k contributions as many times as you wish.

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2 Responses to Can I stop contributing to my 401k?

  1. stan c says:

    As stated, as many times as you wish. But instead of stopping it, just cut the rate that you are taking out.It’s a forced savings that will benefit you later on.

  2. M W says:

    Each plan is different as to the number of times you can make changes. Check with the HR dept at work and ask them. It’s probably a question they get all the time.

    They stop taking money from your check, but whatever you already put in stays there and continues to earn interest.

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