Check with your DH's 401(k) administration people. At my workplace, contributions above the limit are automatically cut off. So for your situation, your husband could designate 7% of his income go to 401(k). Sometime at the end of the year, he would hit the $16500 limit and the deductions would automatically be cut off. So the last paycheck or two at the end of the year would be larger. Not all plans work like that, though. If his workplace does not provide that, you guys would have to keep an eye on the total amount contributed and cut off contributions yourself. How you do that again depends on the plan. I can easily change my contributions at any time online, but not all plans offer that type of setup.
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