Retirement Account Family Feuds

If you are like many Americans, you have worked long and hard to plan and provide for your retirement.  You’ve taken advantage of employer-offered 401(k)s and the like, and probably also established a traditional or Roth IRA as well.  Your hope is probably that this “retirement” account money will be available to fund your own retirement, but also to perhaps leave a legacy of some amount to your surviving loved ones upon your death.  The question becomes, however, whether the proper individuals will inherit any remaining monies when you pass?  Don’t think that simply because you completed a beneficiary designation form ten years ago which still reflects your current wishes it will be honored. 

The truth is that marriage, divorce, and remarriage can have drastic and surprising affects on your retirement planning designations, depending upon what type of retirement account is at issue.  It is never a bad idea to review your account designations and any potential conflicting account regulations to make sure your wishes are properly secured.

To learn more about the different federal and state regulations which affect retirement accounts, check here.

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