It’s probably one of the things you think about least when you are filling out paperwork for your IRA: the beneficiary section. However, it’s one of the most important sections and should be treated as such.

DID YOU KNOW? When you die, your IRA assets are passed to the person(s) named on your IRA beneficiary form, NOT according to who you have named in your will.

So, how do you keep this from happening?

• Request a signed copy of your IRA beneficiary form for each IRA.

• Make sure that a primary beneficiary and a secondary (contingent) beneficiary are named for each IRA.

• If there are multiple beneficiaries on one IRA, make sure that each beneficiary’s share is clearly identified with a fraction, a percentage or the word “equally” if that is applicable.

• Make sure that the financial institution has your beneficiary selections on file and that their records agree with your choices.

• Keep a copy of all IRA beneficiary forms and make sure your financial advisor and estate attorney have copies.

• Make sure to let the beneficiaries know where to locate your IRA beneficiary forms.

• Review your IRA beneficiary forms at least once each year to make sure they are correct and reflect any changes during the year (due to new tax laws or major life events such as a death, birth, adoption, marriage, divorce, etc.)!

Not having enough funds to get through the retirement years seems to be a predominant fear of many pre-retirees and retirees.

Recent statistics from the Employee Benefit Research Institute (EBRI) found that a high amount of American retirees will run short of money in retirement. EBRI suggests that “nearly half of early Baby Boomers—those on the verge of retirement, currently ages 56 to 62—are at risk of not having sufficient income to pay for basic retirement expenditures and uninsured medical expenses.” Reasons for this seem to point to retirees living longer then they had in the past.

Remember, for a complete look at your financial future, contact a qualified specialist to make sure you are on track for your retirement and review your situation frequently to make adjustments regarding any changes in your situation.

For more information, read EBRI’s issue brief: http://www.ebri.org/publications/ib/index.cfm?fa=ibDisp&content_id=4593 .

With summer upon us, we thought we might pass along some discounted vacation ideas. Even if you don’t plan for them now, keep these on your list for another time!

• National Park Visits: If you are 62 years of age or over, you qualify for a LIFETIME PASS (which costs only $10) to all National Park Service and US Fish & Wildlife Service sites charging entrance fees. You also qualify for 50% off of some campgrounds, boat launches and swimming areas with this pass. For more information on how to obtain your lifetime pass, visit: http://www.fs.fed.us/passespermits/senior.shtml.Don’t pass this one up!!
• Cheap Cruises: Sign up for a cruise that is 90 days or less from departing and save up to 75% on the ticket: www.vacationstogo.com
• Educational Trips: Road Scholar programs are especially great for solo travelers that would like to get together with those who have similar interests. Browse through their bargains: http://www.roadscholar.org/programs/bargains.asp.
• International trips: Maybe Ireland or the Galapagos are more your style? If you yearn for international travel, visit the website of 50Plus Expeditions: http://www.50plusexpeditions.com/ for some discounted trips.

Hope this gives you some good ideas. Happy travels!