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Many people set up their wills and designate their heirs. But what about any retirement accounts? These are different from a will and should be addressed separately.
Naming a beneficiary for a retirement account is simple but is often overlooked. This is especially true of younger or single individuals. How do you name a beneficiary, and what are the different types?
Beneficiary Designation Different for Retirement Accounts
The beneficiary designation for your retirement accounts has nothing to do with the beneficiaries in your will. Your retirement account beneficiary designations control who receives your 401(k), individual retirement account (IRA), and any other retirement assets.
Anne Johnson was a commercial property and casualty insurance agent for nine years. She was also licensed in health and life insurance. She went on to own an advertising agency, where she worked with businesses. She has been writing about personal finance for 10 years.
