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

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.
Share this episode with a friend:

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

 

Additional Resources:

Schedule A Meeting

Download Your Retirement Rescue Toolkit – Learn More About Our Firm

 

Your Guide:

Nathan O’Bryant – Contact

Share this episode with a friend:

EXPLORE MORE EPISODES

Discussing Dave Ramsey’s Advice

Radio talk show host turned TikTok user, Dave Ramsey, is known for doling out financial advice to a wide audience. Today, we talk through some quotes from Ramsey to see what Nathan thinks as a financial advisor. Be it investing from a place of knowledge to relying on delayed gratification to make decisions, there’s a lot we can learn from him. Ultimately though, you have to have a strategy and a plan that works for you in order to meet your financial goals. Working with a qualified financial professional to create that plan will be better than simply generic advice for the masses.

Listen Now »

The Future of Retirement in America

When we look toward the future, what’s ahead? Whether you take more of an optimistic or pessimistic view of things, it’s important to know what to expect. We talk about what Americans may face when it comes to retiring in the years ahead.

Listen Now »

Bashing the Roth?

In a shocking turn of events, we’re going to spend some time bashing the Roth today. Inspired by an article we found on Yahoo Finance, Nathan shares his thoughts on a Roth. Is it really the right thing for you? Instead of basing your decisions on some one-size-fits-all financial advice, it’s important to consider your unique and personal financial situation.

Listen Now »

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

SUBSCRIBE