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Choosing Beneficiaries for Your 401(k)

401k retirement plans began almost by accident in 1978. Yet today for many of us 401k plans play an important part of our retirement plans. According to the Investment Company Institute as of March 2019 there were $5.7 trillion invested in
401k plans.

A 401k retirement plan like every investment requires proper planning and management. That includes
understanding 401k word definitions, determining investments and selection of plan beneficiaries.

Who you choose to be a beneficiary is often an afterthought. We don’t plan on dying any time soon so who we select as a beneficiary is probably just academic. But there are a number of good reasons to choose carefully. Let’s examine some common questions about the subject.

 

Author Bio: Gary Foreman is a former financial planner and the editor of TheDollarStretcher.com and
After50Finances.com. His After50Finances email newsletter shares ways to make the money you worked hard for work harder for you!