Time To Review Your IRA And 401k Designations
For years, you have contributed to your IRA and your 401k with the intention of reaping the benefits of these tax-deferred savings. In doing so, it is easy to lose sight of your designated beneficiaries who will inherit these funds should you not live long enough to spend them. Here is an article in the Metro West Daily News that provides important information so that you can keep these important keystones of both your retirement and your estate in order.
One thing that many fail to realize is that the financial institutions which administer these plans sometimes lose these important designations over the years. It is a good idea to review these plans every couple of years to make sure that your original designations of beneficiaries are still in place. Equally important is that this gives you the opportunity to reconsider your choices and to make the amendments that your own family's life changes necessitate.