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Don’t Let Your Retirement Savings Get Lost: Why Naming Beneficiaries is Critical
Manage episode 457782141 series 3569106
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Imagine spending a lifetime diligently saving for retirement, only to have a sizable chunk of your hard-earned assets get lost in the shuffle after you’re gone. It’s a distressing thought, but it’s an all-too-common reality. A staggering $1 billion in retirement savings go unclaimed each year, largely due to one simple but critical oversight: failing to designate account beneficiaries.
If you haven’t specified who should inherit your 401(k), IRA, and other retirement accounts, you’re putting your life’s savings and your loved ones’ financial security at risk. The consequences can be devastating: assets getting stuck in costly court proceedings, distributed in unintended ways, or even reverting to the state. The good news is, these outcomes are easily avoidable with a bit of proactive planning.
At Klosek Law Offices, we emphasize the importance of including beneficiary designations as part of your comprehensive estate plan. In this post, we’ll dive into the risks of leaving your retirement accounts without named beneficiaries and walk through how to do it right.
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