As we embrace a new year, contemplating the departure of a loved one may not be the most festive topic, yet it's an essential consideration for any forward-thinking planner. When you initially chose your retirement plan, you were likely prompted to designate a beneficiary.
Here are some tips tailored for the new year as you update your beneficiary information:
- New Year, Fresh Financial Check: Start the year by reviewing your retirement savings account. Unlike a New Year's resolution that may fade, this commitment ensures your financial affairs are in order. The assets in your retirement account won't follow the notes of your will; they'll dance to the beneficiaries named on the account. Keep this list current for a harmonious financial future.
- Spousal Consent Symphony: It's imperative to obtain your spouse's signature consent, as official as the stroke of midnight, to designate beneficiaries beyond your spouse.
- Life's Turning Points: Acknowledge life's significant events, from the exciting birth of a child to the contemplative aftermath of a divorce. Update your beneficiaries accordingly, with your plan advisor as your trusted guide through life's twists and turns.
- Keeping the Financial Score: Like a New Year's countdown, your beneficiary form requires consistent attention. Plan for your financial future with the precision of a New Year's celebration, ensuring your assets are distributed as intended.
In the spirit of new beginnings, remember that planning for retirement and staying current with your plan is crucial, even in the face of unforeseen challenges.
This communication is for informational purposes only and does not purport to be a complete statement of all material facts related to any company, industry, or security mentioned. The information provided while not guaranteed to accuracy or completeness has been obtained from sources believed to be reliable. The opinions expressed reflect our judgment now and are subject to change without notice and may or may not be updated.
By selecting the links identified in this publication, you may be redirected to third-party websites, over which The Capital Group Investment Advisory Services, LLC (TCGIAS) has no control. TCGIAS makes no warranties as to the content or accessibility of the third-party website and assumes no liability for errors or reporting inaccuracies. TCGIAS neither approves nor endorses the statements made by the third-party on their website. Third-party website content is subject to change without notice and may or may not be updated. It is the responsibility of the viewer/reader to ensure third-party sites accessed are virus-free and TCGIAS accepts no responsibility for any loss or damage arising in any way from the hyperlink or third-party website.