Where Does Your Retirement Income Actually Come From Each Month?

August 2026 – It’s easy to spend years building your retirement savings while overlooking one of the simplest—but most important—parts of your financial plan: your beneficiary designations.

Many people assume their will determines who receives their retirement accounts, life insurance policies, or other financial assets. For many retirement accounts, life insurance policies, and certain brokerage accounts, beneficiary designations generally determine who receives those assets—even if your will says something different.¹

If it’s been several years since you’ve reviewed your beneficiaries, now may be a good time to make sure they still reflect your wishes.

What Is a Beneficiary?

A beneficiary is the person (or people) you’ve designated to receive certain assets after your passing.

Beneficiaries are commonly named on:

Why Beneficiary Reviews Matter

Life rarely stays the same.

Over the years, many people experience significant life events such as:

• Marriage
• Divorce
• The birth of grandchildren
• The passing of a spouse
• Changes in family relationships
• The loss of a previously named beneficiary

Even if your retirement plan hasn’t changed, your beneficiary designations may no longer reflect your current intentions.

Periodically reviewing these designations can help ensure your financial accounts remain aligned with your overall estate planning goals.

Common Beneficiary Mistakes

Many beneficiary issues aren’t caused by complicated planning—they’re simply the result of outdated information.

Some common examples include:

• Forgetting to update a former spouse after a divorce
• Naming only one beneficiary without a contingent beneficiary
• Assuming a will automatically updates beneficiary designations
• Forgetting about retirement accounts from previous employers
• Never reviewing beneficiary forms after major life events

These situations are more common than many people realize and may create unintended outcomes if left unaddressed.¹

Don’t Forget About Contingent Beneficiaries

Many financial accounts allow you to name both a primary beneficiary and a contingent beneficiary.

A primary beneficiary is generally first in line to receive the asset.

A contingent beneficiary may receive the asset if the primary beneficiary is no longer living or is otherwise unable to inherit.

Reviewing both designations periodically can be just as important as reviewing the primary beneficiary.

Your Will and Your Beneficiaries May Not Say the Same Thing