20 Financial Tips for Retired Married Couples

5. Know who Your Beneficiaries Are

There are a fair number of married couples heading into retirement who either had previous marriages or significant others before getting together. If you are in this situation, or simply started your 401K or other retirement plan before getting married, then there is a strong chance that the beneficiary of the policy is not the current spouse. Reviewing the beneficiaries held for all investment vehicles and life insurance policies after major life events is critical to avoiding big problems in the event of the untimely death of one of the parties in a marriage. Making the changes to this aspect of a policy is generally straight forward and not time consuming. Whether already retired, or still several decades away, making this review part of one’s comprehensive financial health checkups is critical.