By Byron Moore, posted March 1, 2017
Originally published in the News Star and the Shreveport Times on Sunday, February 26, 2017.
Q: What will happen to money remaining in my 401K if I die? Does the company get that?
A: The good news is no, the company doesn’t get it. The bad news is…what do you mean “if”?
A 401K account has a beneficiary designation, meaning you get to decide before you die who gets anything remaining in it when you die. This is most often your spouse, but even if that’s the case, be sure you name a “contingent” beneficiary – meaning someone who gets the money if your spouse dies with or before you.