Life changes, but the beneficiary forms attached to your retirement accounts, insurance policies, and other assets may still reflect decisions you made years ago.
In this episode, I explain why beneficiary reviews should be part of ongoing retirement planning and walk through nine questions that can help you determine whether your current designations still reflect your wishes. I cover primary and contingent beneficiaries, coordinating designations with your estate plan, trusts, minor beneficiaries, charitable giving, inherited IRA rules, and potential tax consequences.
I also share real client situations that show why verifying these details can be so important after divorce, widowhood, and other major life changes.
Key points:
- Why beneficiary forms should be reviewed after divorce, widowhood, remarriage, and other major life changes
- How beneficiary designations can control where certain assets go, regardless of instructions written in your will
- Why primary and contingent beneficiaries should be checked across IRAs, 401(k)s, insurance, and other accounts
- How trusts, minor beneficiaries, charitable gifts, and inherited retirement accounts can require added planning
- How beneficiary choices can affect taxes, distribution options, and what your family ultimately receives
Related: 7 Retirement Investing Strategies You Need to Know Before You Retire
