The Password Problem: Will Your Beneficiaries Be Able To Access Your Accounts After You Die?

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Today’s Question:

Ever stop to think about what happens to all of your online accounts when you die? Does someone else have the password in order to gain access just in case? Making a plan for this now will make it easier on your loved ones.

Confidence Corner

With dozens of online passwords, it’s often hard enough for you to remember them, let alone someone else! But what happens if you pass away unexpectedly? How do you handle the big “password problem”?

In this episode of The Financial Answer, Nathan shares about a recent story of a CEO who had the only password to millions of dollars of cryptocurrency before he passed away. Now, it’s all locked up without a way to access it.

Is there a way to prepare for this type of scenario? Is there a way to set aside account information to pass on to loved ones in case of an emergency? And passwords aside, do your future beneficiaries even know about all of your accounts? Because without paper documents, some of those electronic statements can be overlooked if you don’t communicate further.

But first, we will talk about the latest in the news as Democratic presidential candidates start to share their plans regarding Social Security. Most likely, this will be a major issue debated and discussed in the next election as the program is currently set up to go broke in 2033. Both Bernie Sanders and Pete Buttigeg have proposed plans to help shore it for several years to follow, but will it be enough? Nathan and Marc toss around a few more ideas on how they feel how Social Security could be adjusted in the future. 

Listen to the full episode to hear all about it or click on the timestamps below to hear specific segments.

[2:16] – In the News: Democratic presidential candidate Pete Buttigieg and his plan for shoring up Social Security.  

[4:11] – Bernie Sanders proposes raising the tax rate for Social Security.

[5:35] – Buttigeg’s plan will not shore up Social Security for even 80 more years, so is it a good enough fix? 

[7:32] – What if the age of retirement was pushed back instead?

[10:39] – The “password problem” is a constant issue if your spouse or family member passes away but you cannot log in.

[14:44] – There are a lot of options of what you can do with passwords as retirees and pre-retirees.

[15:56] – One solution is using LastPass on the different programs you use, which is free for individuals.

[18:11] – Your family may not know about what you have in the bank or retirement accounts if you get online statements.

 

A Point Of Wisdom:

 

Related Content:

PODCAST: What Does Financial Security Mean to You?

PODCAST: Financial Planning and Future Generations

 

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