My spouse and I have been together since college and have been living together for almost 14 years now. The life that we share is full of our careers, our experiences, our passion and various adventures. We share a lot of our things from as simple as a blouse to properties and investments like our condominium unit and our car. Yet, when planning for our future and the unforeseen, security is naturally not there.
Planning is very important regardless if you are single, have a partner, already a parent or one whose sons and daughters already have their own families. Who would picture themselves to still be working at the age of 75? If you’re reading this now, I hope not you. At some point, we would all want to rest, do what makes us happy and not worry about our daily expenses. Our generation now knows a lot better than to depend on our children by then. We would want to be able to support ourselves. And in today’s world where we can always feel rushed and chased by life, who even knows if we’ll reach that age?
Thanks to where we work and its inclusive benefits, we are able to elect each other as beneficiaries for Group Life Insurance. But outside, how are we fairing? Not as good. Two years ago we thought hard about this.
Despite our years together, our holy union last 2012 and our marriage in New York in 2016, our social security does not recognize our partnership and so my spouse will not be entitled to any part of my contributions should anything happen to me. My partner will be left to support a 15-year mortgage that was good to be supported by two. We just can’t have that. So we went out there and looked for financial planners with a key requirement in mind – to let each other be our beneficiaries.
One entity we inquired from asked us to pretend as “business partners”. We were told that was the only way that we can do that. It was disappointing but we kept on searching. Then a colleague talked about how she got her life insurance. I was encouraged to inquire because I read on an article somewhere that they allow domestic partners to be beneficiaries. Eventually we were connected with somebody who was offering a package on life insurance which was both an investment and includes critical illness insurance. In other words, I pay for life insurance and at the same time, invest my money that will enable me to liquidate by the time of my retirement – if I am lucky enough to reach that age. Not only that, should I acquire one of the critical illnesses on the list, I can get financial support. Just look at it as a more wise way to save. So, this all sounds so good and promising but will it let us secure our partner’s future was really the question.
I can imagine that it was something that was still not easy to do. Our financial planner asked for our marriage license, escalated our request to check if they can make it happen. After less than a couple of weeks, alas our application was approved.
This is just one of the things that we have to work harder for. Without any support from the government, we have to navigate things on our own so we can live the life that we all deserve. I’m gonna stop now before this post becomes too political. Let me save that for another blog.
Anyway, the message here really is plan for the future but find the balance to still enjoy life. It didn’t have to take all my savings to enroll into this investment plan as we are still able to experience travelling and other things.
Retirement should not be a time to worry about money. Make the most of what you earn while you’re earning.
Queereerventures 