Five Common Financial Concerns for LGBTQ Investors

Whether you are single, married, or in a domestic partnership, you likely face unique circumstances when it comes to your financial health. In fact, nearly two-thirds of the LGBT community say they’ve experienced financial challenges because of their sexual orientation or gender identity.i

But it’s important to face those challenges with informed decisions that address your short-term and long-term goals. Preparation can put you in control. Let’s work together to create a plan that helps you manage your money through the many stages of life, and strategically addresses your individual objectives.

1.  Planning for Retirement:

More than half of LGBT individuals worry they won’t have enough money as they age. Many are afraid they’ll outlive their savings and be forced to continue working beyond the traditional retirement age.ii Many worry about not having children to help out as they grow older. Advanced planning may allow you to sidestep some of those obstacles and decide exactly when and how you will retire, whether next year or next decade. Even if you haven’t started building a plan, it’s never too late to sign up for your employer’s 401(k). If you don’t have access to a 401(k), consider a Individual Retirement Account, or IRA. I can help with that.

2. Tying the Knot:

A Gallup survey estimates that the number of same-sex cohabiting couples who have married increased by more than 50% in the two years after the U.S. Supreme Court’s ruling on its constitutionality.iii But the freedom to marry brings the challenge of combining your life with that of your spouse, which could include merging your finances, navigating tax implications, and estate planning. A little objective advice can go a long way in setting you up for a successful trip down the aisle and a long, happy marriage.

3.  Financing Your Family’s Goals:

With the increase in marriage, financial planning for a family is a greater concern, such as buying a home, having or adopting a child, and saving for education. Planning for such large goals can seem daunting. But it’s important to break them down into smaller, manageable successes—and celebrate those small victories. I can help you tackle these life- altering decisions and establish a long-term plan to help provide confidence for your family.

4.  Spending and Saving:

Healthy spending and saving habits—or the lack of them—are an issue for many. Younger people especially admit to spending more than they save, on dining out, entertainment, and travel. It may be time to talk about your habits, especially if you have a spouse or partner. Track your expenses, categorize them by essential or non-essential, and try to build a 6—12 month emergency fund. We’re here to put you on track, reduce your debt, and plan for your future.

5.  Put Your Money to Work:

Maybe you own a business. Maybe you’re happy in a successful career, working and living comfortably with a smart portfolio. But perhaps you’re open to exploring new investment options that reflect your values, such as sustainable or socially responsible investing. Let’s work together to grow your net worth and nurture your existing financial progress in a conscientious manner.

So let’s get started. I’m ready to sit down with you for a conversation about your goals and to begin the process of building a thoughtful plan to help position you and your family for financial success and happiness.

i LGBTQ Money Survey: Attitudes, Challenges, and Opportunities, Experian, June 2018 ii “10 rules to remember for LGBT retirement planning,” BenefitsPro, 2017

iii “In U.S., 10.2% of LGBT Adults Now Married to Same-Sex Spouse,” Gallup, June 2017

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Qualified accounts such as 401ks and IRA’s are accounts funded with tax deductible contributions in which any earning are tax deferred until withdrawn, usually after retirement age. Unless certain criteria are met, IRS penalties and income taxes may apply on any withdrawals taken prior to age 59 ?. RMDs (required minimum distributions) must generally be taken by the account holder within the year after turning 70 ?.