Life essentials
The importance of beneficiary designations
Learn how you and your partner can work together to plan for a secure financial future.
The importance of naming and updating your beneficiaries
Naming a beneficiary on your retirement account may be the most important financial move you can make that takes the least amount of effort. That’s because, if no beneficiary is named on your account, the money will typically need to go through probate court before it’s distributed to your heirs according to your will (or according to state law if you have no will).
Simply put, the fastest, most efficient, and least frustrating way to ensure that the people (and potentially organizations) you love have access to this money is to name them as your beneficiaries.
Information you need to update your beneficiaries
You will need to gather some basic information:
- TIAA account log-in and password
- Beneficiary name and relationship
- Beneficiary date of birth and email
- Beneficiary Social Security Number (optional)
Check in on your beneficiary information in 3 minutes or less.
Reviewing/updating your designated beneficiary information is quick and easy.
Go one step further and add a contingent beneficiary or beneficiaries
Contingent beneficiaries are named beneficiaries that will receive your account proceeds in the event that the named primary beneficiary predeceases the account holder or passes away shortly after the account holder but prior to the account proceeds being dispersed.
Why does naming contingent beneficiaries matter?
You can name any adult or child to be a beneficiary—there is no age requirement. You can also designate an entity, such as an eligible nonprofit organization. You can even designate your beneficiaries as primary or contingent, as described in
Having a conversation with your beneficiaries
It’s never easy to have conversations with your loved ones about death and loss. But talking to your primary and contingent beneficiaries now can help remove hours of frustration and confusion when it comes to trying to track down account details and paperwork after you are gone.
Here are a few helpful tips for having potentially difficult conversations with beneficiaries:
- Frame it as part of a larger story. When it comes to your estate, it’s important to talk about each account/asset as part of your total estate game plan. Creating an overview file that includes all of your account details can help facilitate this conversation and make things easier for everyone.
- Don’t sweat the small stuff. You don’t need to talk about account value details or other named beneficiaries if it is a potential source of friction. You can choose to tell them that you have named them a beneficiary on your TIAA retirement plan account.
- Know your audience. Talk through things in a way that feels right for your beneficiaries when you have these conversations with a spouse, child or grandchild.
Once you have all your beneficiary information squared away, let your loved ones know that everything is all set. They will be thankful for your thoughtful foresight now and in the future.
Have questions about your account? We can help.
If you have already updated your beneficiary information but you have additional account questions, you can connect with TIAA to check in on your account, review your strategy and make investing, allocation or contribution changes that make sense for your retirement journey. All at no additional cost.
Additional Beneficiary Resources
Resources for account holders
Making a difference for the people and causes you care about.
Resources for beneficiaries
Inheriting assets can raise a lot of questions.
Financial consultants provide advice and education using an advice methodology from an independent third-party.
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.