The Importance of Keeping Beneficiary Information Updated
The Importance of keeping Beneficiary Information Updated
Planning for the departure of a loved one is a difficult thing to think about, but no matter how delicate, it is something any pragmatic planner must consider. What happens to your retirement account when you, your spouse or partner pass?
When choosing your retirement plan it’s likely that you were asked to designate a beneficiary - the individual who would receive the money accrued in your retirement account in the event of your passing. As difficult as this may be to think about, it’s always best to be prepared for any contingency. Here are a few tips to consider when updating your beneficiary information.
Take Time to Review Your Account
When reviewing your retirement savings account, take time to consider your designated beneficiaries. This is an important step since retirement account assets typically are not governed by your will. Instead, the assets will pass to the beneficiaries named on the account, which is why it is of utmost importance to keep this information up to date.
This material was created to provide accurate and reliable information on the subjects covered but should not be regarded as a complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. Roland Gagne is a registered representative of Pension Professionals. Roland Gagne and Pension Professionals are not affiliated with RPAG.
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