Whether you've been single all your life or became single again after a divorce or widowhood, you will likely be making most of your retirement planning decisions on your own. It will be up to you to secure your retirement years financially. You'll need a retirement income plan that supports the lifestyle you envision– and one that lowers the risk of outliving.
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The Importance of Checking Beneficiaries for Spousal Inheritance of Retirement Assets
Without a proper IRA beneficiary designation, surviving spouses may face significant tax bills.
Author:
By Bill Harris, RMA®
For married couples, checking the status of beneficiary designations on your retirement accounts may seem like a small detail, but failure to do so has potentially far-reaching and expensive implications.
Bill Harris, RMA
Mary’s husband passed away and she contacted her financial advisor seeking advice on how to access her husband’s IRA assets. A simple check revealed that, according to the current custodian of the asset in question, no beneficiary information was on file.