20 Financial Considerations for Retirement
18. Think through Beneficiary Designations
While preparing for retirement, a prudent financial consideration that impacts one’s family is to think through, verify, and update all beneficiary designations on insurance policies. Today, it is not uncommon for people to have several life insurance policies collected during their adulthood. Unfortunately, many people neglect to verify who they list as the primary beneficiary in the event of their untimely death. Some believe that an updated will rules in the courts; however, this is not true. There have been more than a few cases in the United States where an ex-spouse was able to enjoy significantly more money than intended by the deceased neglecting to remove them from the policy.
