When a password is already saved for a specific ID, the first time you want to connect with your new password, enter your ID and new password, then confirm. You should have a popup upper left with a Update Password button.

An other way is to open the Security panel of the Options tab (click on menu button upper right, then select Options), click on Saved Passwords and find the line corresponding to AOL website. Select this line and click on Delete (or Remove). Next open AOL, enter your ID and your new password, and when the popup is displayed, click on Remember Password.

Note that you can use these steps to remove saved (form) data from a drop-down list like the user name.

1. click the (empty) input field on the web page to open the drop-down list
2. highlight an entry in the drop-down list with the mouse or cursor Down key
   do not click the mouse or press the Enter key
3. press the Delete key (on Mac: Shift+Delete) to delete the highlighted entry