💨 Abstract

For retirement savers, naming a beneficiary for your 401(k) is crucial. Without a designated beneficiary, the funds may go through probate. Naming a beneficiary avoids this and ensures your assets go to your chosen recipient. This process is simple and can be done through your 401(k) account portal. It's important to update beneficiaries after major life events, such as marriage, divorce, or the birth of a child.

Courtesy: WTOP Staff