Dec 3, 2018
Beneficiaries are a critical piece of your 401K. If you were to
die, this person receives the benefits from your 401K. Andy and
Bill Bush go in depth about contingent and primary beneficiaries
and what we need to take care of today.
- :30--- Beneficiary is someone who gets your 401 K benefits once
- 1:00--- The thing is, once you die, you can´t change your
- 1:47--- There are two different types of beneficiaries: Primary
and contingent. If primary would perish, your contingent
beneficiary will receive your benefits.
- 3:29--- Marriages, divorces, and deaths can cause beneficiaries
- 3:45--- If your primary passes away and you do not have a
contingent, you will have to go through the estate process.
- 5:16--- Put a reminder each year to review your
- 5:45--- Use the tools that you have to remind yourself to check
your beneficiaries just like you check your investments
3 Key Points:
- Beneficiary is the person who receives the benefits of your
401k when you die.
- There are primary and contingent beneficiaries. Upon death of
the primary beneficiary, the contingent beneficiary receives your
- Make sure you review your beneficiary information each year to
ensure that the right people are in line to get your benefits.
- “Once you die, you can't
change it.” –Andy.
- “Use the tools that you
- “Make sure it is correct
as long as you are living.” –Bill.