When you retired, you may have designated a beneficiary (or beneficiaries) to receive a retired lump-sum death benefit, a continuing monthly benefit, or both. Now that you’re retired, certain life events can impact your CalPERS benefits, such as marriage, divorce, dissolution, or death.

Depending on the type of event, you may wish to:
• Add or change your beneficiary designation,
• Remove a beneficiary designation, or
• Request a benefit allowance increase.

This video will help you to understand when it’s appropriate to change your beneficiary designation after retirement, and guide you through the process.

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Retirement is a time of transition, and with it comes the need to reassess your finances and estate planning. One of the most important documents you should review is your beneficiary designation. A beneficiary designation is a legal document that determines who will receive the assets in your retirement accounts upon your death. It is important to review and update your beneficiary designation periodically, especially after retirement.

When you retire, you may have new financial goals and objectives. You may also have a different life situation than when you initially set up your accounts. It is important to review your beneficiary designation to make sure it still reflects your wishes. Here are some key times when you should consider changing your beneficiary designation after retirement:

1. When You Get Married or Divorced: If you get married or divorced after retirement, it is important to update your beneficiary designation to reflect your new marital status. If you are married, you may want to name your spouse as the primary beneficiary. If you are divorced, you may want to update your beneficiary designation to reflect your new relationship status.

2. When You Have Children: If you have children after retirement, you may want to name them as beneficiaries on your accounts. This will ensure that your assets are passed on to them upon your death.

3. When You Have a Change in Financial Circumstances: If your financial circumstances change after retirement, it is important to update your beneficiary designation to reflect your new situation. For example, if you have a significant increase or decrease in your income, you may want to adjust your beneficiary designations accordingly.

4. When You Have a Change in Your Estate Plan: If you have a change in your estate plan after retirement, it is important to update your beneficiary designations. This will ensure that your assets are distributed according to your wishes.

By reviewing and updating your beneficiary designation periodically, you can ensure that your assets are distributed according to your wishes after your death. It is especially important to review and update your beneficiary designation after retirement, when you may have a new life situation or financial objectives.