Knowledge Center

Did you know that 68% of the U.S. population don’t have a named beneficiary for their savings?* It’s a simple step, but one that makes a huge difference for your loved ones. When you name a beneficiary, you’re making sure your savings go directly to the people you care about, without unnecessary delays or confusion.

Why Beneficiaries Matter

Think about it: what happens to your savings if something unexpected happens to you? Without a named beneficiary, your savings could be tied up in legal red tape, leaving your family to sort out the details. That’s a lot of unnecessary stress during an already tough time. Peace of mind is priceless. Knowing your plans are in place allows you to focus on what truly matters: living your best life and taking care of the people you love.

Naming a beneficiary is a simple way to take care of your loved ones and make sure your wishes are carried out. It ensures your savings go where you want them to go—quickly and easily.

Keep Things Up to Date

Life changes, and your financial plans should, too. Got married? Divorced? Had a baby? Or maybe you’ve lost a loved one? These life events are important moments to check and update your beneficiaries.

For example:

• Marriage:Add your spouse to ensure they’re covered.
• Divorce: Avoid confusion by removing an ex-spouse if needed.
• New Family Members: Include children or grandchildren.
• Life Transitions: Reflect changes in your family or relationships.

Keeping this information current is one of the easiest ways to protect your savings.

How to Add or Update Beneficiaries

We’ve made the process quick and easy because we know you have enough on your plate.

Here’s how:

• Log in to the MyRPB for Participants portal.
• Click “Update beneficiaries.”
• Enter the names and birth dates of your beneficiaries.Repeat the process for Life Insurance beneficiaries.
• Be sure to set up contingency beneficiaries as well, in the event your primary beneficiary predeceases you.
  
  

That’s it! A few minutes now can save your family a lot of stress later.

Avoid Common Pitfalls

Even with the best intentions, people sometimes overlook a few things when naming beneficiaries:

• Leaving It Blank: Not naming anyone leaves decisions up to the courts, which can take time and add stress.

• Forgetting to Update: Keep your designations current, especially after big life changes.

• Skipping Contingent Beneficiaries: Having a backup ensures your wishes are honored no matter what.

Take Action Today

If you haven’t named your beneficiaries yet—or if it’s been a while since you’ve checked—now’s the perfect time to do it. It’s a small step that makes a big difference for your family’s financial future.

Log in to the MyRPB for Participants portal and update your beneficiaries today. Need help? We’re here to guide you through it.

Questions? Call Robert Perry, RPB’s Director of Employer and Participant Services at (646) 884-9890 or Chase Bouchie, RPB's Senior Employer Account Associate at (646) 8844-9897 or click here to learn more.

^{* Caring.com, Rachel Lustbader, July 30, 2024: https://www.caring.com/caregiv...}