Is My Spouse My Primary Beneficiary by Default for My 401(k)? Ask the Hammer: Is My Spouse My Primary Beneficiary By Default for My 401(k)?

Is My Spouse My Primary Beneficiary by Default for My 401(k)? Ask the Hammer: Is My Spouse My Primar ...

A Retirement Daily reader asks questions in this episode of Ask the Hammer.

I don't believe I named a primary beneficiary in my 401(k). Would that money automatically go to my spouse if I were to die? Also, does it require me to get a waiver if I want to name someone other than my spouse as my primary beneficiary?

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners talks with Robert Powell, the editor of "The Retirement Daily," to answer this reader's question.

When should you get spousal waivers, what are the differences between the beneficiary processes for ERISA plans that are qualified and those that aren't, and what resources you should use when naming primary beneficiaries?

"Simply saying 'I do' also implies becoming a beneficiary of your plan," Levine adds.

Make sure to see the whole episode to get the whole scoop!

Stay tuned for more Ask the Hammer news!

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  • What's the Generation-Skipping Transfer Tax?
  • I Have After-Tax Dollars in My IRA and Want to Start Doing Roth IRA Conversions. How Do I Avoid Paying Taxes Twice?
  • Can I Set Up a Roth IRA for My Kid?
  • Should I Invest in Cryptocurrency If It's Offered in My 401(k)?

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