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Why Review Beneficiary Designations Annually in Retirement?
Episode 20510th April 2023 • Secure Your Retirement • Secure Your Retirement
00:00:00 00:24:03

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In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the importance of reviewing your beneficiary designation annually. Always checking your beneficiaries in all your accounts and updating your beneficiary forms is the only way to avoid putting your loved ones in difficult scenarios.

Listen in to learn the importance of naming contingent beneficiaries after your primary beneficiaries to ensure everything is clear. You will also learn why you need to consider the tax implications of each account, the needs of your beneficiaries, and its impact on your overall estate plan.

In this episode, find out:

●     The importance of always updating your beneficiary designations on all your accounts.

●     Understand estate law in your state since they vary from state to state.

●     Ensure your beneficiary form is appropriately done and has a primary and a contingent beneficiary.

●     Review your beneficiary designations annually by reaching out to institutions.

●     Consider the tax implications of each account to understand the proper beneficiary.

●     Understand the impact on your overall estate plan to avoid disinheriting your beneficiaries.

●     Consider the needs of your beneficiaries and the impact of the assets on their lives.

●     Be specific when listing all your beneficiaries to avoid creating any confusion.

●     Consult with an attorney as a second set of eyes to help you think through scenarios.

●     Consider contingencies if you name a primary beneficiary to avoid future confusion.

Tweetable Quotes:

●     “A lot of accounts can have beneficiaries associated with them. Take a list of all the accounts that you have and start checking to see.”- Murs Tariq

●     “It’s your account, your responsibility to reach out to the institution to make sure they’ve got your beneficiary there.”- Radon Stancil


If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

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