I Never Thought About Updating Beneficiaries on my Retirement Accounts
No better time than the present. Keeping your beneficiaries, both primary and contingent, up to date matters, so your wishes in regard to who should receive your money are carried out. It’s best practice retain your own copy of beneficiary documentation, in the event your retirement account provider is unable to locate the document upon your death. Even with all the advances in technology and recordkeeping, paper copies can still disappear.
Avoid having someone else decide who receives your retirement account. It’s a good idea to periodically review beneficiary information and update as necessary. Some examples of when you need to update your retirement account beneficiary designations include when a spouse or family member dies, divorce, marriage, an overall change in one’s family situation, financial or tax status changes, etc.
Chances are, this will be the largest check your beneficiaries will ever receive.
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