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Men in their 40s, what’s one piece of advice for men in their 20s? (lemmy.world)

submitted 4 months ago by [email protected] to c/[email protected]

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[–] [email protected] 7 points 4 months ago (2 children)

Question: If I had money saved in a 401k or Roth IRA, what if I died before I retired? What would happen to the money? Would it go back to the government or to a close relative?

[–] [email protected] 18 points 4 months ago

You can (and should) assign a beneficiary for the account. They receive the money if you die.

[–] [email protected] 4 points 4 months ago

You declare your beneficiaries when signing up - it goes to them, I believe.