Designate Your Beneficiaries
Designate or review your Retirement Plan account beneficiary. Unless you want the government to pick who your assets are distributed to, it is tremendously important to have a stated beneficiary appointed for your employer-sponsored retirement plan account.
A will is not always the way!
While a will is a very important estate planning tool, the beneficiary designation you make in your will does not apply to your retirement savings plan account. Without a suitable beneficiary designation, your retirement savings plan assets will be distributed according to the plan’s provisions. So, it’s very important to establish and maintain a retirement plan beneficiary designation that is separate from your will.
Source: Invesco. For illustrative purposes only.
Keep your designation current
Already have a beneficiary on file? Even after you’ve made your initial designation, don’t assume that your designation will be appropriate for the remainder of your life! Remember to review your beneficiary elections at least annually or whenever you experience a life change, such as the birth or adoption of a child, marriage, or divorce.
Sign into your account and follow the instructions provided to designate or change your beneficiary today!
Hunter Nighbert
Financial Advisor
859-967-0990
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