Do you know the 5 Retirement Housekeeping Moves you should review for 2018?
By reviewing the following items now, you’ll alleviate the stress and frustration of having to manage a loved one’s estate in a pinch.
#1: Review IRA beneficiary forms (not your will) to see who you’ve identified to inherit the IRA after you die.
#2: Update 401(k) forms. By law, your spouse gets this account if you die. If you want your kids to get any of it, you’ll need to file a signed waiver from your spouse. Warning: If you’ve recently divorced, make sure to name a new beneficiary for your 401(k), or your ex will get the money by default.
#3: Create a financial power of attorney to designate someone to act on your behalf for all financial matters.
#4: Check your Social Security earnings history. Sign up for a MySocialSecurity account online and make sure Uncle Sam has properly credited your earnings (and taxes paid) for 2016 and earlier years. It’s far easier to fix mistakes now than when you’re ready to retire.
#5: Go digital and sign up for online accounts but hold onto an end-of-year statement for each account. Keep copies of all beneficiary designation forms along with your will or trust, and make sure your Power of Attorney has copies and knows where to find the originals.
Get more details on all 5 of these tips and watch a short video from Forbes Personal Finance