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Most retirement plans let you designate beneficiaries so you know how your retirement account will get paid out when you pass away. A beneficiary is the person/people or entity/entities who will receive a retirement account balance after the death of the plan participant. Here are four things you should know about designating an account beneficiary.

  • You can have multiple beneficiaries

    You can name more than one beneficiary to share in the proceeds. Specify the percentage you would like each beneficiary to receive.

  • It is a good idea to designate primary and secondary beneficiaries

    Your primary beneficiary or beneficiaries inherit first. If they are deceased or decline the benefit , the assets will go to your secondary beneficiaries. If you don't have a surviving, named beneficiary, the default beneficiary may be your estate.

  • Your beneficiary doesn’t have to be in your immediate family

    Beneficiaries often include spouses, children and other relatives, but they can also include friends, trusts, charities and institutions.

  • You should review your beneficiary information regularly

    It is a good habit to update your beneficiary designations annually as well as when you experience life events such as:

    • Marriage
    • Birth or adoption of a child
    • Divorce
    • Change of address

OneAmerica Financial is the marketing name for the companies of OneAmerica Financial. Non-registered group annuity contracts are issued by American United Life Insurance Company® (AUL), a OneAmerica company, One American Square, Indianapolis, IN 46282, 1-800-249-6269. • Group annuity contracts are issued by AUL and registered variable annuity products are distributed by OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC, One American Square, Indianapolis, IN 46282. Not available in all states or may vary by state. • Administrative and recordkeeping services provided by AUL or OneAmerica Retirement Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors. • Provided content is for overview and informational purposes only and is not intended as tax, legal, fiduciary, or investment advice.