Planning for Retirement: 4 Considerations for Same-Sex Couples
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Transcript of Planning for Retirement: 4 Considerations for Same-Sex Couples
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RETIREMENT: FOUR CONSIDERATIONSFOR SAME-SEX COUPLES
PLANNING FOR
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Making retirement plans with your partner can involve some unique considerations.
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To ensure you’re prepared for your golden years, look into these four key points.
#1#2#3#4
Spousal Social Security BenefitsRetirement Account BeneficiariesWillsEstate Taxes
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Spousal Social Security Benefits
#1Spousal Social Security BenefitsRetirement Account BeneficiariesWillsEstate Taxes
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Social Security Check
Legally, only married couples are entitled to their spouses’ Social Security benefits.
Spousal Social Security Benefits
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If you’re unmarried, you won’t be able to count on those funds in retirement.
FOR SAME-SEX COUPLES
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Making retirement plans with your partner can involve some unique considerations.
Retirement Account Beneficiaries
#2
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Retirement Account Beneficiaries
#1#2#3#4
Spousal Social Security BenefitsRetirement Account BeneficiariesWillsEstate Taxes
My
Beneficiary
My
Beneficiary
If you want to leave your retirement account savings to your partner
and you’re not married, you’ll need to name him or her as the
beneficiary.
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If your employer-sponsored retirement plan only allows spouses
and children as beneficiaries, you might consider a more flexible
savings vehicle, such as an IRA.
IRA
IRA
Spousal Social Security BenefitsRetirement Account BeneficiariesWillsEstate Taxes
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#3
Legally, only married couples are entitled to their spouses’ Social Security benefits.
Wills
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Retirement and estate planning often go hand in hand.
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Without a will or trust, state law will likely dictate that your assets go to your spouse or blood relatives.
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WillIf you’re unmarried and want to leave assets to your partner, consider talking to an attorney about outlining your wishes in a will.
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Estate Taxes #4
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Estate Taxes
If you’re married, you and your spouse are probably eligible for
the marital deduction on estate taxes.
Wills
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If you’re unmarried, a tax professional can help you find ways to minimize estate taxes.
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With the right tools and preparation, you can help ensure your retirement is just as you and your spouse or partner intended.
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© 2015 Regions Bank. This information is general in nature and is provided for educational purposes only. Regions makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented. Information provided and statements made by employees of Regions should not be relied on or interpreted as accounting, �nancial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your speci�c situation. The LifeGreen color is a trademark of Regions Bank.
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