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Don’t Make Me Say I Told You So 223

► Be prepared to go to work to replace whatever income
might be lost if the person working passes away.

► Make sure that you have enough life insurance, or
buy enough insurance, that will provide a lump-sum

payment to the survivor. The amount of life insurance
should be enough to turn into an income stream large

enough to replace the money lost due to the death
of a person upon whom some amount of income was

dependent.

Mistakes in Naming Beneficiaries

By properly naming, reviewing, and updating beneficiaries

on financial accounts, you can preserve the assets you’ve
worked so hard to accumulate, and make sure they go where

you intend when you’re gone. Many people make mistakes in
naming beneficiaries for the assets that will pass to their loved

ones when they pass away. Mistakes in this area, which I’ve seen
many times in my career, can significantly reduce the amount

of money that goes to beneficiaries, trigger taxes that would not
have to be paid until later, or even cause someone who was

supposed to be a beneficiary to be cut out of the distribution of
assets altogether.

Chapter 5: Things That Can Wreck Your Retirement