Work with Paul: Schedule a 30-minute conversation
When was the last time you actually read the beneficiary designation on your 401(k) at your previous employer?
In May, I sent every family I work with a current readout of their beneficiary designations across every account I track for them. It was the highest-response email I sent all year.
For some families, everything was clean. For others, there were gaps we addressed that week. In this episode, I walk through what's actually on those forms, why a beneficiary designation overrides your will, and the technical points that catch busy working families off guard: ERISA spousal consent on 401(k)s, the HSA tax bomb for non-spouse beneficiaries, the SECURE Act 2.0 ten-year rule now in full enforcement, and the difference between per stirpes and per capita.
The action this week is simple. Pull up the beneficiary designation on one account, any account, and just read it. If you can't find it, that's the result. Then set a recurring calendar reminder once a year to do the same for every account in the household.
Connect with Paul
If you're a working parent juggling a senior-level career and a growing family, and you're tired of coordinating four different advisors to manage your finances, I offer complimentary 30-minute conversations. Schedule one here.
For resources discussed in this episode, visit tammacapital.com/podcast.
Follow Paul on LinkedIn.
Resources Featured in This Episode:
Why Stories Move Us More Than Numbers
Why Quiet Time Is Your Most Valuable Financial Skill
Your Biggest Financial Risk Isn't the Market
