Are You Prepared for Your Retirement?

Use the Retirement Calculator to check your plan and find out how to be more secure.

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It’s more important than ever to make sure the named beneficiaries on your 401k, IRA and life insurance policy are up to date.

A change to the law governing retirement plans states that the spouse’s rights supersede any beneficiaries named prior to the marriage – instead, the assets may be redirected to the husband or wife.

The problem caused by the change arises when a single person holding retirement accounts marries someone other than the named beneficiary. A discrepancy between named beneficiary and spouse could trigger probate, an expensive and time-consuming process, or worse: it might prevent assets from being passed on to the intended beneficiaries. And because retirement plans don’t require our active involvement, few of us think to review the paperwork on a regular basis.

To avoid any confusion about your intentions, it’s important to review your benefits periodically to make sure they still reflect your wishes. Other things to keep in mind:

• Your spouse is not automatically authorized to administer your affairs if you pass away or become disabled. Make a will and execute a power of attorney.

  Learn more in Estate Planning 101

• Make sure you have copies of current beneficiary designations – as well as other important papers – in one place. Check them annually to make sure they’re all up to date.

• Take advantage of various trust structures to preserve assets.

  Read Keeping Family Wealth from the Taxman.

• Work with an estate planning attorney to determine how best to protect your specific assets and avoid probate.

  For more, read Advanced Estate Planning – Trusts, Tax Strategies and More.