Who gets my 403(b) at death
Question: When you retire and decide to take your 403B over your lifetime, if you should die early and you have not used all the money in your account, does TIAA-CREF keep the remainder or can the remainder be willed to someone? Joanne, Nashville, TN
Answer: No, TIAA-CREF or any other manager of a 401(k), 403(b) or similar defined contribution pension plan doesn’t get to keep the money. It’s yours. What you have to do is fill out the beneficiary designation that is part of your 403(b) plan. It’s how you get the money to your heirs.
Now, if you’re married, your spouse is automatically the beneficiary of the 403(b). However, it’s still a good idea to fill in your spouse’s name on the form. It’s a record of your wishes.
If you have children and you want them to get the money they need to be designated as beneficiaries in case you die early.
If you’re single and you pass away with money left in the account it will go to whomever you say is your beneficiary or beneficiaries–a partner, a friend, a niece, a nephew and so on.
Fill out the beneficiary form.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?