Naming beneficiaries for your retirement and workplace benefit accounts

When naming your beneficiary, you have options. You can list a member of your family, a friend or even a trust, charity or institution as your beneficiary. However, if you are married, your spouse is usually your primary beneficiary unless they waive their beneficiary rights.

You can also name more than one person as your beneficiary.

• A primary beneficiary would have access to your account should something happen to you.
• A contingent beneficiary would have access should something happen to both you and your primary beneficiary.
• You can list more than one primary and contingent beneficiary.

You’ll need to name a beneficiary for each of your financial and workplace benefit accounts.

While you may choose to list the same individual(s) or organization(s) as your beneficiary, you still need to be sure to complete your beneficiary information for each of your accounts. Remember, the beneficiaries you’ve listed for your retirement account do not automatically apply to your other workplace benefits.

When listing your beneficiary, it’s a good idea to have the following information available for each person you list:

• Name
• Date of birth
• Social security number

You may still be able to complete your beneficiary designation without all of the above information. If you are missing anything, be sure to go back and update it later. The most important thing is that ensuring you’ve listed a beneficiary and that your wishes are documented.

You should get in the habit of reviewing your beneficiaries regularly. Plan a review during your company’s open enrollment period or consider celebrating Valentine’s Day with a quick beneficiary review. Making sure your loved ones are taken care of should something happen to you is a great way to show you care.

A review is especially important after a life event such as a change in marital status, birth or adoption of a child or the passing of a loved one.