financial essentials
Protect your retirement savings
Adding a beneficiary (or multiple beneficiaries) to your retirement account ensures your hard-earned savings go where you choose.
Why beneficiaries matter
For Megan B., the importance of naming a beneficiary became clear during a major life transition. Megan had started a new job about one year ago, which came with new benefits, paperwork, and accounts. She and her husband were juggling the demands of raising their three-year-old, and retirement paperwork wasn’t top of mind.
That changed when a colleague casually brought up the topic of beneficiaries. “It immediately hit me that I couldn’t remember ever listing anyone on my retirement account,” Megan recalled. “I went to check, and I was right—I hadn’t. My stomach dropped.”
In that moment, she realized that if something had happened to her, her husband and daughter might not have been provided for the way she intended. “I felt relief once I updated my account. It took less than three minutes to designate my beneficiaries—and put my mind at ease.”
Emily M. had a different but equally eye-opening experience. Logging into her retirement account in 2024 she was startled to find her ex-husband still listed as her beneficiary—despite their divorce being finalized five years earlier.
“It was a real shock,” Emily recalled. “The divorce had been finalized for years. I had no idea he was still on my account.”
Stories like these highlight how easy it is to overlook beneficiary designations—and how important it is to keep them up to date.
Naming beneficiaries. Why does it matter? Here are four principles for you to keep in mind when it comes to naming your beneficiaries. Our first principle. What is a beneficiary? A beneficiary is someone that you want to receive your assets in case something were to happen to you. Think of your family, your loved ones, your friends, even charitable organizations.
If you're no longer here, you want to make sure that your loved ones receive those assets as soon as possible. Two. Why is it important? If you do not name your beneficiaries, your assets after you pass away might get caught up in taxation and probate court and there might be increased cost and stress when it comes to your loved ones.
We don't want that. Neither do you. So please assign your beneficiaries, which leads to step number three. How do you name your beneficiaries? It's important to name your beneficiaries for each one of your financial accounts. And so you'll want to either log online to your financial institution or fill out a beneficiary form. Don't forget to name each one of your accounts with your beneficiary.
You'll also want to consider contingent beneficiaries. So if your primary beneficiary, maybe it's your spouse or partner, something were to happen to them as well. You don't want those assets to flow to that next level or your contingent beneficiaries. Now lastly, our fourth principle. Make sure you review your beneficiaries regularly. Life happens. You might get married, you might get divorced, or you might be welcoming a new family member to your family.
And so it's important that you review your beneficiaries regularly. That way, you can ensure that the ones that you care about the most receive those assets in case something were to happen to you. I would set a reminder to review your beneficiaries at least once a year. So let's recap our four principle.
First, what is a beneficiary? Second, why is it important that you name a beneficiary?
Third, how do you name a beneficiary? And four review your beneficiaries regularly. If you'd like more financial tips from TIAA. Don't forget to like, share and subscribe.
What is a beneficiary?
A beneficiary is a person (or people) whom you designate to receive your assets after your death. Naming a beneficiary:
- Ensures your wishes are carried out
- Helps your loved ones avoid delays or complications
- Gives you peace of mind knowing your savings will be directed where you intend
Keeping your beneficiary information current
Updating beneficiaries can be simple, but many people forget to revisit their choices after major life events such as marriage, divorce, or having a child. Experts recommend reviewing your designations at least once a year.
As Emily put it: “If I hadn’t checked, my ex-husband would have inherited everything in my account. Once I saw his name, I changed it immediately.”
Choosing who inherits your account isn’t just a formality. It ensures your money goes where you want it—whether that’s your spouse, your children, or another loved one—and that it gets there quickly.
If you pass away without a listed beneficiary, state law will decide who receives your funds. This legal process, called “probate,” can be costly, time-consuming, and may not align with your wishes. It can also create tension among family members if there’s disagreement over how the money should be used.
Talking about beneficiaries with family
Writing down your wishes is important—but so is talking about them openly with your loved ones. These conversations aren’t always easy, but they can make all the difference.
“When my mom was in her 60s, I asked her if she’d thought about end-of-life plans”, said Tovi W. “She didn’t want to talk about it. She said, ‘That feels morbid.’ I don’t want to think about that right now.”
Tovi’s story is a common one. Research reveals that while 91% of Americans believe talking about death and dying is healthy and normal, only 69% feel comfortable discussing their own death.1
How to start the conversation
Bringing up beneficiaries doesn’t have to be daunting.
- “I need your help with something.”
- “Can we have a conversation about beneficiaries?”
- “Will you help me think about the future?”
- “I was thinking about what happened to [a family member/friend] and it made me realize [something personal].”
Here are a few additional tips
- Choose the right time and place. As with any important conversation, find a calm, private moment to bring up the topic. Make sure you have time for a conversation, and that your loved one doesn’t have other immediate or pressing needs, so they’ll be able to engage with you.
- Start with yourself. One way to bring up end-of-life planning is to talk about your own preparations. You could tell them about how you just updated your beneficiaries, then ask about theirs. If you don’t want to dive right in, bring up a story from the news or tv show that touches on inheritance issues and use that as a jumping off point for your discussion.
- Explain why it matters. After you’ve opened the conversation, make sure they understand why you want to talk about this. Gently remind them why it’s important. For example, “I know this isn’t easy to talk about, but I want to make sure what you want actually happens.” You can also emphasize how planning helps everyone later. “Naming beneficiaries makes it so much easier for us when the time comes. It saves a lot of stress and confusion.”
- Offer help, not pressure. Be supportive with online forms or phone calls but avoid pushing them to make decisions before they’re ready.
The good news: It’s easy
The process of naming beneficiaries is straightforward. “I was able to update my beneficiaries with information I had on-hand, so it made sense for me to update in the moment,” said Megan. Her experience is typical. With most retirement accounts, including TIAA’s, it can take less than three minutes online.
If you have a TIAA retirement account all you need is your beneficiary’s name, birthday and country of residence. Log into your account and follow the directions. Alternatively, give us a call at 800-842-2252. Devoting a few minutes to this easy step now can have a big impact in the future.
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1National Funeral Directors Association, 2025,
This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation.
This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.