Tip of the Month: Have a Beneficiary

Posted: July 24, 2024

Through a beneficiary, you can designate the individual or entity that will receive your retirement assets. This can often be designated online through your retirement plan provider’s website, and if you gather the name, address, date of birth, and Social Security number of your beneficiary ahead of time, the task should only take a few minutes. You can designate both primary and contingent beneficiaries, but keep in mind that if you are legally married, your primary beneficiary must be your spouse, unless a signed and notarized spousal consent is completed. Please keep in mind that you cannot leave money directly to a child under the age of 18.

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