Hi Reader,

Life changes, but the beneficiary forms attached to your retirement accounts, insurance policies, and other assets may still reflect decisions you made years ago.

"You want to make sure your beneficiary designations reflect your life today, not the life you had when you filled out that form."

ERIC BLAKE

Beneficiary Designations: 9 Key Questions for Retirement Planning

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.

Key Takeaways:

• 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!

You can catch every episode of The Simply Retirement Podcast on the website - or on your favorite podcast app.

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Related Links & Resources

• 📄 Read
  • Blog Post: Beneficiary Designations: 9 Questions for Retirement Planning​
• 🎧 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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👉 What Issues Should I Consider When Reviewing My Beneficiaries?​

Keeping track of your beneficiaries isn’t always an easy task. Relationships change over the years, and individuals often forget to review their beneficiaries in light of new planning goals. Furthermore, many individuals aren’t aware that their current beneficiary setup may not be as equitable or efficient as they had intended.

Want to have a clearer picture of who your beneficiaries are (or should be), and whether your account beneficiary designations are in alignment with your overall estate planning goals?

This checklist covers important factors a client needs to know when reviewing their beneficiaries, such as:

• Understanding whether their beneficiaries are up to date and in alignment with other important estate planning documents.
• Recognizing the differences in tax treatment for certain types of accounts and the effect that may have on one’s estate planning outcomes.
• Being aware of the implications of naming a non-person beneficiary (e.g., trust, charity, one’s own estate, etc.) and how that may affect one’s estate planning goals.

Have more questions about retirement planning? Just hit reply to this email. I read and respond to every message. 😃

Keeping Retirement Simple,

Eric Blake, CFP®

​Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

All investing involves risk including loss of principal. Results will vary. Past performance is no indication of future results or success. Market conditions change continuously.

Information here is provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither Blake Wealth Management nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of Blake Wealth Management. They do not necessarily represent those of RFG Advisory, their employees, or their clients.

This commentary should not be regarded as a description of advisory services provided by Blake Wealth Management or RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

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RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.