To change your password in current versions of WordPress: In the Admin Panel menu, go to the upper right corner where it says “Howdy, Your Name”. Scroll down and select “Edit My Profile”.
Under the “About Yourself” section, you’ll see a prompt for “New Password”.
Enter your password in the first field and copy it into the second field. Select the “Update Profile” button at the bottom of the page.
Your new password takes effect immediately.