Retirement Planning For 20-Somethings: Signing Up For Retirement Savings Accounts
  1. Retirement Planning For 20-Somethings: Introduction
  2. Retirement Planning For 20-Somethings: When You Should Start Planning
  3. Retirement Planning For 20-Somethings: Goal Setting
  4. Retirement Planning For 20-Somethings: Saving Options
  5. Retirement Planning For 20-Somethings: Choosing Savings Accounts
  6. Retirement Planning For 20-Somethings: How Much Should You Add To Your Retirement Nest Egg?
  7. Retirement Planning For 20-Somethings: Signing Up For Retirement Savings Accounts
  8. Retirement Planning For 20-Somethings: Choosing And Managing Your Investments
  9. Retirement Planning For 20-Somethings: Incorporating Lifecycles In Your Planning
  10. Retirement Planning For 20-Somethings: Retirement Resources
  11. Retirement Planning For 20-Somethings: Conclusion

Retirement Planning For 20-Somethings: Signing Up For Retirement Savings Accounts

For amounts under a qualified plan, your employer will establish your account. However, you may need to complete election forms in order to make salary deferral contributions, unless the plan includes a feature that allows the employer to enroll you for salary deferral on an automatic basis. For IRAs, you will need to establish the IRA before you can make contributions. New contributions can be added to existing IRAs.

An important part of your account document is your beneficiary designation form. This must be completed when your account is established, and should be reviewed at least once per year and when there is a life-changing event such as marriage, divorce, death of a beneficiary or a new addition to the family who you want to be one of your primary or secondary beneficiaries. Failing to complete and update your beneficiary form could result in the wrong person inheriting your retirement accounts.

Retirement Planning For 20-Somethings: Choosing And Managing Your Investments

  1. Retirement Planning For 20-Somethings: Introduction
  2. Retirement Planning For 20-Somethings: When You Should Start Planning
  3. Retirement Planning For 20-Somethings: Goal Setting
  4. Retirement Planning For 20-Somethings: Saving Options
  5. Retirement Planning For 20-Somethings: Choosing Savings Accounts
  6. Retirement Planning For 20-Somethings: How Much Should You Add To Your Retirement Nest Egg?
  7. Retirement Planning For 20-Somethings: Signing Up For Retirement Savings Accounts
  8. Retirement Planning For 20-Somethings: Choosing And Managing Your Investments
  9. Retirement Planning For 20-Somethings: Incorporating Lifecycles In Your Planning
  10. Retirement Planning For 20-Somethings: Retirement Resources
  11. Retirement Planning For 20-Somethings: Conclusion
RELATED TERMS
  1. Extended IRA

    An IRA that allows a second generation beneficiary to continue ...
  2. Inherited IRA

    An individual retirement account that is left to a beneficiary ...
  3. Primary Beneficiary

    A beneficiary in a will, trust or insurance policy that is first ...
  4. IRA Plan

    A plan that individuals may establish to arrange and plan for ...
  5. Secondary Beneficiary

    A person or entity that inherits assets under a will, trust or ...
  6. IRA Asset Will

    A document that specifies how the assets in an individual retirement ...
RELATED FAQS
  1. Can the non-spouse beneficiary of an IRA name a successor beneficiary?

    Whether the beneficiary of an individual retirement account (IRA) can name a successor beneficiary (second generation beneficiary) ... Read Answer >>
  2. If I pass away, will my retirement plan go to my spouse tax free?

    If your spouse is the designated beneficiary of your retirement plan, the assets will pass to him or her tax free. The general ... Read Answer >>
  3. What are the pros/cons of naming a trust as the beneficiary of a retirement account?

    This has been the topic of an ongoing debate in the financial community between estate planning attorneys and financial advisors. ... Read Answer >>
  4. Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount ...

    It depends. If the beneficiary of your IRA is your spouse, he or she will be eligible to transfer the amount to his or her ... Read Answer >>
  5. Can I put my IRA in a trust?

    Learn the proper way to transfer ownership of your IRA to a trust. Consider how naming the trust as a beneficiary affects ... Read Answer >>
  6. Can an IRA beneficiary roll the IRA over into another account and designate another ...

    It depends on the provision of the IRA plan document. Some (though very few) do not allow the designation of successor beneficiaries. ... Read Answer >>

You May Also Like

Trading Center