1 thing every investor should do today
What’s the one thing you should do today?
Review your beneficiaries on your IRA’s, Roth IRA, 401k/403b, life insurance policies, and annuities.
You really want to do this. Why? Because you want to make sure that whoever is supposed to get the money, actually gets the money. Here is where I insert a sad story…
Several years ago in New York there was an older couple. The wife worked for the school system her entire life. She had a million dollars in her retirement account. When she started working for the school system, she was very young and hadn’t met her husband yet. She had made her mother and her sister as beneficiaries on her school system retirement account. Many years later, the woman passed away. She had forgotten to change her account to have her husband as the beneficiary. The woman’s mother was long deceased, but her sister? Well, the sister was a million dollars richer, and the husband didn’t get a penny. He had the school system review all documents to see if it was a mistake. It wasn’t. He and his wife had planned for that money for their retirement, but her simple error of forgetting to change her beneficiary decimated her husband’s retirement. Ouch.
Sharon L. Herman AAMS, ADPA is the CEO of Silver Key Wealth Management and a financial advisor in the LGBT community.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Silver Key Wealth Management, a registered investment advisor and separate entity from LPL Financial.
Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, VA, NJ, TX. www.finra.org. www.sipc.org
photo credit: Images of Money