@ClementsMoney Saturday Critical Concept – Check Your Beneficiary Designations

by | 18Aug2018 | Beneficiaries, Critical Actions | 2 comments

Welcome to the Saturday Critical Action. Each Saturday we take a critical action from Jonathan Clements‘ blog Humble Dollar and “militarize” it for you. Jonathan Clements was a longtime personal finance columnist for The Wall Street Journal, and he offers great advice at the best price you can get…free. Here is this week’s critical action:

 

CHECK YOUR BENEFICIARY DESIGNATIONS. Your retirement accounts and life insurance will typically pass to the beneficiaries specified on those accounts, not the people named in your will. If your family situation has changed, or you simply don’t remember who you listed, take a moment to review your beneficiary designations.

 

Don’t let the ex-spouse get your money when you die! Update your beneficiaries.

 

How to See Your Beneficiaries for the Thrift Savings Plan (TSP)

If you log on to the TSP page, you need to click on the link along the lower left, marked by the large red arrow:

 

Then you’ll see this, and you can change them at the bottom:

 

 

2 Comments

  1. Steveark

    I used to help run our company 401k plan. One of our employees died, he had three separate women show up claiming to be married to the deceased. Turns out he never divorced wife 1 or wife 2 so only wife 1 was still his only legal spouse and wife 2 and 3 were out of luck!

    Reply
    • Still In

      Now there’s a reality show!

      Reply

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