How to Update Beneficiaries on Retirement Accounts
Change the person listed to inherit your IRA, 401k, or pension in 20 minutes — and learn why this overrides your will.
5 min read · 7 steps · Checked May 2026
Step 1. List every retirement and life insurance account you own
On a piece of paper, write down every account that names a beneficiary: traditional IRA, Roth IRA, 401k from current or former jobs, 403b, pension with a survivor benefit, life insurance policies (term and whole life), annuities, and savings bonds. Include the company name and the last four digits of the account number for each.
Quick Tip
Old 401k accounts from former employers are the most common one to forget. If you worked somewhere 10 years ago and left a balance behind, that account still has whoever you named at the time as the beneficiary.
Step 2. Sign into the first account's website
Open a web browser and type the company's name (fidelity.com, vanguard.com, schwab.com, tiaa.org, principal.com) into the address bar. Click Sign In or Log In at the top right. Type your username and password. If you have not signed in for a long time, the site may ask security questions or send a code to your phone or email to confirm it is you.
Warning
Do not search for the login page using Google. Scam websites buy ads that look like the real Fidelity or Vanguard login. Always type the address into the bar yourself.
Step 3. Find the Beneficiaries section
Once signed in, look for your name or a Profile link at the top right. Click it. A menu drops down with options like Account Settings, My Profile, Personal Information, or Beneficiaries. Click Beneficiaries. The page shows the people currently listed and the percentage each will inherit.
Step 4. Add or update primary and contingent beneficiaries
Click Add Beneficiary or Edit. For each person, type their full legal name, date of birth, Social Security number, and relationship to you (spouse, child, grandchild). Set the percentage — all primary percentages must add to 100. Then add at least one contingent beneficiary the same way, also adding to 100 percent. Click Save.
Step 5. Save or print the confirmation
After clicking Save, the website shows a confirmation page or sends a confirmation email. Save the page as a PDF (on a computer, press Ctrl+P or Cmd+P, then choose "Save as PDF") or print it. Keep the confirmation in your tax folder so a family member can find proof later.
Step 6. Repeat for every account on your list
Move down the list and do the same thing for each account. Most people have 3 to 6 retirement accounts, so the whole job takes 60 to 90 minutes for the first round. After that, the yearly review only takes 15 minutes because nothing has usually changed.
Step 7. Tell your executor or trusted family member where to find this
Write a single page titled "Where My Accounts Are." List each company and account type — no passwords, no Social Security numbers. Put the page in a sealed envelope in a safe or fireproof box at home. Tell one trusted person (an adult child, sibling, or executor) that the envelope exists and where it is. They will need it to file claims after your death.
A beneficiary is the person who inherits an account when the account holder dies. For retirement accounts — IRAs, 401ks, 403bs, pensions, and annuities — the beneficiary form on file with the brokerage is what controls who gets the money. Not your will. Not what you told your family. The form. If the form lists an ex-spouse and you never updated it, the ex-spouse inherits the account, even if your current will leaves everything to your children.
This is one of the most common and most expensive estate-planning mistakes. Court records are full of cases where a parent meant to leave a 401k to their three children but left the original beneficiary form blank. When that happens, the account goes through probate — a court process that takes 6 to 18 months and costs 3 to 7 percent of the account in fees.
Updating beneficiaries is free and takes about 20 minutes per account. Every brokerage and 401k plan has a beneficiary section on its website. You sign in, click Beneficiaries, type in names and Social Security numbers, and click Save. Some plans require a paper form mailed back with a signature. Most accept the online version.
Three rules help make smart choices. First, name a primary and a contingent beneficiary. The primary is the first in line. The contingent inherits only if the primary has died too. Naming both protects the account if you and your primary beneficiary die in the same accident. Second, give percentages, not dollar amounts. Write "50 percent to son, 50 percent to daughter" rather than dollar figures, because the account balance changes over time. Third, list each person by full legal name, date of birth, and Social Security number — not "my children," which is too vague and can cause delays.
Review beneficiaries every year and after any major life event: marriage, divorce, death of a family member, birth of a grandchild. The annual review takes 15 minutes total across all accounts and prevents the most common probate problem.
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