Have you been wondering whether to do a beneficiary and how to do it? There are different accounts that require you to have beneficiaries, including your retirement accounts.

A beneficiary is a person you assign while you’re living to receive the benefits of your accounts after you pass.

In this episode of the Secure Your Retirement podcast, we talk about beneficiary destinations and how to do them correctly. Listen in to learn the importance of doing annual beneficiary reviews and listing your accounts for the benefit of your beneficiaries.  

In this episode, find out:

• Different types of accounts that are almost required to have beneficiaries.
• Understanding the primary and contingent beneficiaries plus the tax risks of not having a beneficiary.
• The differences between the per capita and per stirpes beneficiary destinations.
• How the per stirpes language can help with the tax options during inheritance.
• Have beneficiaries in place for all accounts, and ensure you do a beneficiary review every year.
• The importance of listing all of your accounts to ensure your beneficiaries know where to look.

Tweetable Quotes:

• “The beauty of per stirpes is that it makes sure that the lineage is taken care of versus one person getting everything because someone is not around to inherit.”- Murs Tariq
• “Make a list of all of your accounts so that whoever your beneficiaries are, they’ll know where to go look.”- Radon Stancil 

Resources:

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!

To access the course, simply visit POMWealth.net/podcast.