#122 - Beneficiary Designations: 9 Key Questions for Retirement Planning
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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.
EPISODE SUMMARY
- 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
- And more!
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EPISODE LINKS & RESOURCES
Checklist: What Issues Should I Consider When Reviewing My Beneficiaries?
Related Episodes
- #52 - I Have Inherited an IRA—Now What? 5 Steps to Avoid Costly Mistakes
- #113 - Inherited IRA Options Every Widow Should Understand
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