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Have an IRA ACCOUNT - it's best to check this form regularly!

Darryl Rosen • May 23, 2023
In 2020, there were 34 million reported IRA accounts in the United States. So, chances are, you probably have one too. But here's a big mistake I hope you're not making with your IRA: not knowing where your beneficiary forms are!

Many people underestimate the importance of the IRA beneficiary designation form and end up misplacing it. They may be able to locate their wills (maybe), but those don't cover their IRA accounts. The IRA passes outside the will through beneficiary designation.

So, could you locate every single IRA beneficiary form for all your retirement accounts? Most people would probably say "Nope!"

You might assume that the financial institution you use has those forms on file. 

Well, guess what? They don't - or maybe they do! I don’t know. (It’s complicated!)

Thanks to all those thrilling financial institution mergers, the paperwork for retirement plans has been neglected. It's like they forgot to pass the baton in a relay race. The old institution might have given the forms to the new one, but the newcomers used different forms and didn't bother transferring the information.

So, imagine going to the shiny new institution and asking for those beneficiary forms, only to discover that they don’t have them!

What can happen in this situation? Your estate might end up being the lucky beneficiary, causing a major headache. What you want to happen may not align with what actually happens.

The problem, God forbid, is that once you've passed away, nothing can be changed. That's why us advisors always recommend keeping everything up to date. This way, you can still rule from the grave, so to speak, without having to raise your hand from six feet under and redo your forms. Pretty graphic, huh?

This is an important matter, so please don't sweep this info under your nearest rug.  

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