What’s the Plan?

By PamDumonceau, Special to The Denver Post Same-sex couple should button down insurance

Pinpointing the perfect retirement date for a couple can be complex. Thisweek we look at a lovers contemplating marrying, nowthat it is legal for same sex couples to marry in Colorado.

The situation

Beth, 57, and Julie, 55, met in a coffee shop in downtown Denver 21 years ago, and after bonding over their love for a great cup of coffee have been together ever since. Beth is an energy analystmaking $74,580 per year and Julie manages a nursing home in Aurora, earning $55,400 per year.

The couple plans to stay inColorado for retirement. Both of their families are out of state, and with their parents aging, theywant to incorporatemore trips to visit them over the next few years, spending quality time with themwhile they can.

Beth and Julie own a home together in Denver valued at $300,000 with a remaining balance of $30,000 on their mortgage. They have a car loan of $20,430 and no other outstanding debts.

Beth has $390,178 in her 401(K) and $130,829 in a Roth IRA. She also has a whole life insurance policy that’s worth $20,000 cash value and earning 6 percent. She has paid $20.20 per month into this plan since 1978. Beth’s pension, at age 60, will result in a lump sum payment of $80,612 and $1,041 monthly for her life only.

Her current employer does not allow a nonspouse beneficiary designation on her pension, or offer retiree health benefits for Julie if they are not legally married. Beth has another pension of $400