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A new LIMRA survey found that 88% of pre-retirees think about retirement income regularly, but half don't have an updated plan, and some don't have one at all. That gap matters most in the documents that actually control what happens: who gets your retirement accounts, who can act for you if you can't, and what your will says.
A plan you carry around in your head doesn't do anything on its own. The paperwork is what a bank, a court, or a hospital actually looks at. Check yours against what changed this year before you assume it still says what you think it says.
Choose your next move
When did you last update these documents?
Pick the option closest to true, not the one you wish were true.
Start today. Even one afternoon moves you ahead of where you are now.
Interactive toolWrite down what you're unsure about before you call anyoneTurn today's review into specific questions for an attorney or account provider, not a vague worry.Show the toolHide the tool
Keep legal aid and paperwork meetings focused on deadlines, documents, and next actions.
The Documents That Actually Control What Happens
Three documents do most of the work: your will, your financial and healthcare power of attorney, and the beneficiary designations on your retirement accounts, life insurance, and bank accounts. Each one governs something different, and missing any one of them leaves a real gap.
A will directs what happens to property that doesn't already have a named beneficiary. A power of attorney names who can act for you financially or medically if you're unable to. Beneficiary forms name who receives specific accounts directly, and they matter more than most people realize.
ChecklistPull these documents into one place todayYou don't need to read every page yet, just gather them.Show the checklistHide the checklist
0 of 3 done.
Why Beneficiary Forms Beat Your Will
Here's the part that catches people off guard: a beneficiary form overrides your will. If your 401(k) still lists an ex-spouse or a sibling who passed away, that account goes to whoever is named on the form, no matter what your will says. Retirement accounts, life insurance policies, and payable-on-death bank accounts all work this way.
This is also the fastest fix on this whole list. Most providers let you update a beneficiary form online or with a short call, and the change takes effect as soon as it's processed, not after a court reviews anything.
ChecklistConfirm each beneficiary form separatelyCheck the actual name on file, not your memory of who you picked.Show the checklistHide the checklist
0 of 3 done.
If you haven't organized the rest of your paperwork yet, read What Documents Every Retiree Should Organize Now, Before There Is a Crisis alongside this review.
Set One Date a Year and Keep It
A yearly review doesn't need to be a big production. Pick a date you'll actually remember, a birthday or the start of the year, and treat the check as routine maintenance, not an emergency task you keep putting off.
TimelineWork through the review in orderEach step builds on the last, so do them in sequence.Show the timelineHide the timeline
Pull the will, power of attorney, and a list of every account with a beneficiary form.
Log in to each account directly and check the name on file, not your memory of it.
If a marriage, death, move, or new grandchild happened since the last update, book time with an attorney to revise the will or power of attorney.
Put next year's date on your calendar now so this doesn't become another document you forget about.
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Track offices, issues, promised next steps, and follow-up dates in one running log.
Save your plan
Save what you found today so next year's review takes less time.
Common questions
How often should I update my retirement plan documents?
Once a year, on a date you'll actually remember, like a birthday or the start of the year. New survey data shows half of pre-retirees have an outdated plan or none at all, and the gap shows up most in beneficiary forms, powers of attorney, and wills that haven't kept up with marriages, deaths, or moves.
Does a beneficiary form override my will?
Yes. Retirement accounts, life insurance policies, and payable-on-death bank accounts all pass to whoever is named on the beneficiary form, regardless of what your will says. If the form still lists an ex-spouse or someone who has passed away, that's who receives the account unless you update it.
What documents should I review during an annual retirement checkup?
Focus on three: your will, your financial and healthcare power of attorney, and the beneficiary designations on every retirement account, life insurance policy, and bank account. Each one controls something different, and missing any one leaves a real gap for your family to sort out later.
How do I update a beneficiary on my 401(k) or IRA?
Log in to your account provider directly and check the beneficiary page. Most providers let you update the primary and contingent beneficiaries online or with a short call, and the change takes effect as soon as it's processed, no attorney or court involved.
