Your Retirement Plan: Understanding Your Decision
Planning for the future of your various assets in the event of your death is a great way to save your loved ones from daunting financial and administrative tasks. If you have a retirement plan, or you are considering of starting one, there are a few things you should know.
At Polizzotto & Polizzotto, LLC, we provide planning services throughout Brooklyn, Queens, Manhattan and other surrounding areas. We can help you cover all of your estate bases.
What Is ERISA?
Established in 1974, the Employee Retirement Income Security Act (ERISA) set standards in place for employee retirement plans and allows for beneficiaries on your retirement plan account. Specific standards will vary depending on the plan the employee and employer set forth. Ensuring you have a beneficiary for your retirement plans is vital.
How Do I Choose A Beneficiary?
Defined benefit plans should cover benefits for survivors in the event of your death. In the case of a surviving spouse, they will receive no less than 50% of your benefit payments. If you married someone after starting your retirement plan, you will want to inform your employer of the change. If you are not married, and you would like a loved one to receive your due benefits following your death, you may designate one. You simply need to notify your plan administrator.
It is important to choose a beneficiary as early as possible in your plan. We have decades of experience in legal planning services. Our attorneys would be happy to help you include this information in your estate plan.
Contact Our Seasoned Estate Planning Team
We understand how to navigate all areas of estate planning, including those pertaining to retirement. Contact our office to learn more about how our lawyers can help you.