Beneficiaries are a critical piece of your 401K. If you were to die, this person receives the benefits from your 401K. Andy and Bill Bush go in depth about contingent and primary beneficiaries and what we need to take care of today.   Show Notes:   :30--- Beneficiary is someone who gets your 401 K benefits once you die 1:00--- The thing is, once you die, you can´t change your beneficiary 1:47--- There are two different types of beneficiaries: Primary and contingent. If primary would perish, your contingent beneficiary will receive your benefits. 3:29--- Marriages, divorces, and deaths can cause beneficiaries to change. 3:45--- If your primary passes away and you do not have a contingent, you will have to go through the estate process. 5:16--- Put a reminder each year to review your beneficiaries 5:45--- Use the tools that you have to remind yourself to check your beneficiaries just like you check your investments       3 Key Points: Beneficiary is the person who receives the benefits of your 401k when you die. There are primary and contingent beneficiaries. Upon death of the primary beneficiary, the contingent beneficiary receives your benefits. Make sure you review your beneficiary information each year to ensure that the right people are in line to get your benefits.   Tweetable Quotes: -       "Once you die, you can't change it." –Andy. -       "Use the tools that you have." –Bill. -       "Make sure it is correct as long as you are living." –Bill.     Resources Mentioned:   Inside the Plan- Discover more about the Podcast Horizon Financial Group (Inside the Plan is a part of the Retirement Group at Horizon Financial Group)     Contact Information: [email protected] [email protected]

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