Financial planning for same-sex couples
You Earned it. Plan to Enjoy it!
Now that marriage equality is the law, why is there even a need for specialized planning for LGBTQ individuals? That’s a fair question. And one we hope someday, no one will need to ask.
Getting married is a significant life change, no matter who you are or who you marry.
Stir in the complexities of ever-evolving laws and the prospect of raising and caring for a family, and you’ve got some pretty important decisions to make…many of them for the first time. That’s why we’re here.
For richer or poorer.
In sickness and in health.
Congratulations!! Now that you’ve shaken the rice from your hair and decided who has the more comfortable couch, you may also be making decisions about how to integrate your finances, grow your wealth, and protect your family’s future.
Changing laws and cultural attitudes offer new protections and benefits for same-sex spouses and your dependents. Many of which could have a significant impact as you get closer to retirement age or in the event of a tragedy.
Talk to us if any of these situations apply to you:
You were married or in a non-marital legal relationship (NMLR) such as a civil union or domestic partnership with a previous partner before the Supreme Court’s ruling recognizing the constitutional right to same-sex marriage.
You have adopted children or have children from a previous marriage or relationship.
You or your spouse intend to change employers soon.
Facts on aging and LGBTQ elder care
More than half (54%) of LGBTQ elder care recipients receive care from their partner or spouse; 24% receive care from a friend.
21% of older LGBTQ adults have provided care to a friend, compared to only 6% of their heterosexual partners.
41% of LGBTQ older adults report having a disability, compared to 35% of heterosexual older adults.
88% of LGBTQ older adults report wanting long-term care facilities that are culturally competent.
LGBTQ seniors are far more likely to have faced discrimination and social stigma. The effects of which impact their health and comfort while seeking medical care.
Information provided courtesy of SAGE Advocacy & Services for LGBT Elders. Download the full Fact Sheet here.
Helpful resources:
Lambda Legal Midwest Regional Office
https://www.lambdalegal.org/blog/topic/midwest-regional-office
LongTermCare.gov- Consideration for LGBT Adults
https://longtermcare.acl.gov/the-basics/lgbt/index.html
National Resource Center on LGBT Aging
https://www.lgbtagingcenter.org/
Ready to talk to someone about your family’s needs?
20% of workers under the age of 40 say they’re more likely to win the lottery than to become unable to work due to illness or injury
The real odds?
Winning the lottery:1 in 259 million
Losing your ability to work: 1 in 4.
Feeling invincible?
If you’re a millennial, the idea that you could become physically unable to work may feel as likely as using a payphone or having a zero balance on your student loans.
You feel healthy, you look good. You have a good job. Why worry?
Well, we hate to pull on your cape, but did you know that 1 in 4 people currently under the age of 40 will suffer a non-work-related illness or injury that will keep them out of work for 90 days or more at some point in their career?
When faced with a medical emergency, 401K’s and savings accounts are where most of us turn to cover unexpected expenses or a loss in income.
Even a short-term disability during your peak earning years,(salary growth for women peaks at age 40, for men, age 49),could have an economic ripple effect on your retirement.
Right now, your most valuable asset is your ability to earn an income. You’d be smart to protect that just like you would your home or your car.
Ask us how. That’s why we’re here.
Top LGBTQ travel destinations
#1
Montreal, Canada – Feels like Europe without the jetlag. There’s no bad time to go, but you’ll get the best hotel rates between March and May.
#2
Cape Town, South Africa – Progressive culture, stunning beaches, glamorous hotels, lush wines. What else could you ask for?
#3
Phuket, Thailand – Thailand has so much to offer at such a great price. The beaches in Phuket will make you wonder why you waited so long to join the crowd.
#4
Sitges, Spain – Often described as the Saint-Tropez of Spain, Sitges is a small seaside town with a huge reputation for glamour and artistic expression. It’s also the best place to celebrate Carnival in Spain.
If your retirement dream is to travel more, let’s make that a part of your plan.