Just One Thing for February

Last month we introduced our new “Just One Thing” program with a single money task for January: creating a file for the 2021 tax documents that have started arriving in the mail/email.

Our task for February is checking and updating the beneficiaries on your financial accounts. A beneficiary is the person you name to receive your assets in the event you pass away. When you open an investment account like an IRA or 401(k), or buy an insurance policy you were probably prompted to select a beneficiary. But this isn’t a “once and done” thing. February’s task is to review the beneficiaries on your financial accounts and make sure they still reflect your priorities. If you’ve gotten married, separated, divorced, or had kids you’ve got good reason to make sure those listed beneficiaries are up to date. Even if you haven’t had a major life change it’s a good idea to check once a year to make sure everything is exactly how you want it.