This is as good a time of year as any to update your beneficiaries! [View all]
Tax time is the one time of year that more IRA's are opened than any other. Since IRA's require a beneficiary to be named, it is important to make sure that ALL accounts that you might have where a beneficiary is named are up to date.
As we get older, it is quite possible that you may have 2 or 3 401(k)'s, several IRA's, Life Insurance Policies, Annuities, etc.
It is a good habit to make sure that all of the various accounts name the proper beneficiaries. Things change over the years, and a Beneficiary you named 25 years ago on an old 401(k) you still have may not be the person you want to get the money!
People pass away, kids and grand kids are born, divorces happen, marriages happen, etc. etc. etc.
I have seen several instances where there were multiple accounts, ALL with different beneficiaries.
Check those old accounts, folks. make sure they name who you really want to be named.
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