Retirement accounts usually go to the people named on the account forms. Check those forms after a major life change. Make sure they match the rest of your plan.
List every account and named person
List work plans, IRAs, pensions, annuities, life insurance, bank accounts, investments, and online money services. Write down the owner, the company, the first person named to get it, the backup person, and the date you checked.
A will may not control these accounts. Confirm the names with each company and save the proof with your important papers.
Review after a life change
Marriage, divorce, a death, a birth, family conflict, illness, or a move can change who should get an account. Some work plans also require a spouse to agree to a change.
Check once a year. Moving or joining accounts can create new forms, and backup names are easy to miss.
Model the survivor's income
A surviving spouse may lose one Social Security check, pay taxes as one person, or get a smaller pension. Bills may fall, but they rarely fall by half.
Run the plan again for one person. Use one Social Security check, the true pension choice, and real housing and care costs.
Check the rules before moving inherited money
The rules for an inherited retirement account depend on who died, when they died, and who gets the account. Many people who are not a spouse must follow a ten-year rule, but the details can differ.
Call the plan company before moving money. A quick withdrawal or transfer can create taxes or remove a choice you cannot get back.
Plan for illness as well as death
Account forms cover what happens after death. You also need people and papers for money, health choices, account access, and bills while you are alive but unable to act.
Tell the right person where the plan is. Do not send passwords in an unsafe way. They should know what exists, whom to call, and who does each job.
Primary sources
Rules and limits change. Use these official sources to verify details for the year in which you act.
See what your current numbers imply.
Start with a transparent estimate, then use this guide to decide which assumption deserves a deeper look.
Use the retirement calculator →