In a nationally distributed story for NBC, Michael Joyce spoke with Rachel DePompa of NBC12 about the importance of updating beneficiaries.

Watch the NBC story here.


Review Beneficiary Designations Annually

Beneficiary designationsMichael recommends reviewing beneficiary designations on retirement savings accounts, such as IRAs and 401(k)s, as well as on insurance policies once per year. Ask yourself, “Has anything changed over the past year?” Events that should trigger a look at beneficiaries include marriage, divorce, having a child or the death of a loved one.

“A couple of years ago, when my youngest son was about 12 or 13 and I was reviewing the beneficiary designations on one of my Roth IRAs,” Joyce said. “And I realized that he was not listed as a contingent beneficiary.”

You can name a percentage of assets to multiple designees, adding up to 100 percent. A full name and date of birth is often needed, and some institutions require a social security number.


Additional information about Agili’s Financial Planning Services can be found here