Do you have a designated beneficiary named on all of your IRAs, 401(k)s or other retirement plans? If you cannot answer this question with 100% certainty, you need to conduct a BOSS review immediately! To be “designated,” a beneficiary must be a living, breathing, human being with a birth date and a remaining life expectancy. Having a designated beneficiary or beneficiaries identified in your retirement plan paperwork is especially crucial in order to preserve the opportunity to make those plans multi-generational. If an IRA is deemed as having no designated beneficiary when an IRA owner dies, the heirs cannot correct this mistake so the opportunity to stretch RMDs over their individual life expectancies is permanently eliminated.
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Will you have enough money to live on during retirement? Are your current IRAs and 401(k)s a good fit with your retirement plan and can they achieve your goals? It is important to determine the answers to these questions today through a BOSS review while there is still time to make any necessary adjustments or corrections. There are IRAs specifically designed to allow you an opportunity to help create a lifetime stream of income that cannot be outlived! If outliving your nest egg is not a concern, the next question is, what happens to your money when you are gone?
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