Financial Planning & Poly Relationships

?Life can be full of surprises, right? But it's always comforting to have a plan in place, especially when it comes to our finances.

So what should your plan look like if your relationship, and in turn your finances, look a little bit different?

Talking with friends and family members who are in polyamorous relationships, it’s clear that their financial planning needs are unique. These needs have historically been underserved and underrepresented in the financial planning industry, making it hard for them to find advice and build a plan that truly reflects their relationship dynamic.

Like most couples, polyamorous relationships will all look and feel different – not everyone is the same. Some may find that their finances are closely entwined, with others less so.

If you’re in a polyamorous relationship where your finances are more entwined, here are 3 key things you may need to consider…

1. Life insurance:

It's not just for the monogamous, it's for everyone. Now, when you're in a polyamorous relationship, you might have specific ideas about how you want to divide your assets with your partners and/or children. You could have separate policies for each partner or child who might be financially affected.

Alternatively, you could go for one policy and split the benefits among your partners or children.

Especially if multiple people are benefiting from your life insurance, you may consider setting up a trust form. This way, you explicitly state who the beneficiaries are and where the insurer will send the money. It adds a layer of clarity and ensures everyone is taken care of.

Of course, you should also consider whether life insurance is really necessary. Some loved ones might be financially stable enough without needing an insurance payout, but it's always good to think about, just in case.

2. Protecting your lifestyle:

If you, or your Partner(s), can't work due to illness or accidents, it’s important that your income is protected. Whilst in a poly relationship, multiple incomes can provide added security, an unexpected change to income can still cause challenges. Especially where this may put pressure on one partner as the main breadwinner. Critical illness cover or income protection are some avenues to explore to help protect against this.

If you own a business, it might be worth considering if you can have policies that are specifically paid for by the business.

3. Planning for retirement:

Planning for retirement can often feel overwhelming, but having a clear plan for the future will help provide you with reassurance for the years ahead.

Depending on your living situation and relationship dynamics, you might want to adjust your pension contributions accordingly. For example, if you plan to live with multiple partners during retirement you may need to consider how you’ll cover mortgage payments or how you’ll pay the bills between you. If you expect your situation to change between now and retirement you will also need to consider that, and to make it a regular practice to check that the beneficiaries of your pension plans are correct.

Having too much money saved for retirement isn’t necessarily a problem, most people will find ways to spend it, but it will mean that you could have spent more during your working life. Financial advisers have tools that they can use that will detail all of your savings, and what you expect to save, to work out how much your income will be when you retire. Based on this they can work out what age you’ll be able to retire.

I know it might seem overwhelming to navigate financial planning in a polyamorous relationship, but there’s nothing to panic about. With someone like me on your side, who will take your unique needs and goals into account, the process can be a whole lot less stressful.

If you ever need help or have questions, I'm here for you. Let's make sure you and your partners can enjoy a financially secure and worry-free future together.

Here are my contact details, get in touch however is easiest for you.

Jamie Lowe

07469 712299

[email protected]

www.trueselfwealth.co.uk

Trusts are not regulated by the Financial Conduct Authority.

True Self Wealth Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website https://www.sjp.co.uk/products .

As a company we take our regulatory responsibilities seriously and will always respect your wishes as an individual. Our privacy policy can be accessed at www.trueselfwealth.co.uk which explains how we use personal data and your rights in relation to your personal data. If you wish not to be contacted in this way again then either contact me using the details provided, or email [email protected] .

SJP Approved 24/10/2023