When you save in an IRA, you can write a check and fund your account quickly. But 401 (k) contributions are deducted from your income, so if you want to increase your savings rate before the end of the year, that’s a change that will usually have to go through your payroll department.

In some cases, however, it may take a pay period or two for changes to your 401 (k) choice to take effect. If you want to start having more money on your paychecks, now is the time to let your employer know now.

Since 401 (k) plans have such high contribution limits, you may not be able to maximize yours for the year. This is especially true if you are an average employee. It’s one thing to set aside $ 19,500 or $ 26,000 a year on a salary of $ 120,000, but if you earn a salary of $ 60,000, it is a much more difficult request.

Still, it certainly pays off to contribute enough money to your 401 (k) that you can claim your full employer, whoever it is. If you need to increase your savings rate to achieve this, the time to act is, again, now. If you give up some or all of your 401 (k) match, you’ll end up leaving free money on the table.

Your 401 (k) shouldn’t stay in cash. Ideally, your retirement plan will be invested in different funds. And now is a good time to take a review of your investments and make sure they are working for you.