Beneficiary Best Practices in Retirement A Yearly Check-In
In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Nick discuss beneficiary best practices and what\u2019s discussed in a typical beneficiary\u2019s meeting. Things can change in a year, and that\u2019s why we believe it\u2019s important to update or change beneficiaries annually.
Listen in to learn how we prepare for the beneficiaries\u2019 topic before the client meeting. You will also learn how primary and contingent beneficiaries work and the difference between per stirpes and per capita beneficiary designations.
In this episode, find out:
- Understanding the topics covered in a financial planning strategy meeting and its benefits.
- How we prepare for the beneficiaries\u2019 topic before the client meeting.
- The reasons why we advise updating or changing beneficiaries annually.
- The beneficiary designation\u2019s structure \u2013 how primary and contingent beneficiaries work.
- Per stirpes \u2013 designating how funds will flow down the family lineage if the beneficiary is deceased.
- Per capita \u2013 designating funds to go across to other beneficiaries if any of them is deceased.
Tweetable Quotes:
- \u201cThe more beneficiary designations you can have added to your accounts, the simpler the estate process is going to be when that terrible time comes.\u201d- Murs Tariq
- \u201cPer stirpes is a specific beneficiary designation that you can put on your investment accounts that designates that funds will flow down that specific family tree.\u201d- Nick Hymanson
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.