Review and Update your Retirement Plan Beneficiaries

If you have a retirement plan, it’s important to review and update your beneficiaries regularly. Why? Because your beneficiaries are the people who will receive your retirement benefits when you pass away. It is important to make sure your retirement benefits go to the people you want them to by updating your beneficiaries today.

Many of us start a retirement plan to prepare for our financial future. A retirement plan can provide you with income during retirement, help you save for retirement in a tax efficient manner, and give you peace of mind knowing that you have a plan. If you already have a retirement plan, review your beneficiaries today and make sure they are up to date. You may need to update your beneficiaries if:

-You’ve divorced or remarried

-You’ve had children or grandchildren

-Recently created or updated your estate plan

-Your financial situation has changed, and the value of your retirement plan has grown since you selected beneficiaries

-Your beneficiary has died

-Your beneficiary has changed their address or contact information

Updating your beneficiaries is easy and only takes a few minutes. Most plans allow you to update your beneficiaries online or by contacting the plan administrator. Reviewing and updating your beneficiaries regularly is an important part of maintaining your retirement plan. By updating your beneficiaries today, you can ensure that your retirement benefits go to the people you want them to.

We hope this blog post was helpful. If you have any questions about updating your beneficiaries, or how your beneficiary designations effect your estate plan, please contact us. We are here to help!