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For instance, $100,000 paid in taxes over five years is $100,000
that could remain invested and growing for quite some time.

That could add up to a small fortune. Investments in accounts
with beneficiary designations, such as IRAs, 401(k)s, and other

defined contribution plans have grown rapidly over the last two
decades:

IRA assets totaled $8.8 trillion at year-end
2018, accounting for 33 percent of

U.S. retirement assets.

Source: ICI Factbook, 2019

► Not updating your beneficiary designations when

life events make changes necessary – There are many
things that may alter your life dramatically, some for

the better and some for the worse. Any major change
in your life, however, should be followed by a review of

beneficiaries. These changes may mean a change in the
people to whom you wanted your assets to pass. These

events may include:

a) Marriage

b) Divorce

c) Change in the relationship with one of your children.

Chapter 5: Things That Can Wreck Your Retirement