Financial Literacy: Tips and Tricks for LGBTQ+ Elders
By Vera Lukacs
It’s critical for LGBTQ+ older adults to become more financially literate as they age. According to the SAGE report, Out and Visible: The Experiences and Attitudes of Lesbian, Gay, Bisexual and Transgender Older Adults, Ages 45-75, nearly half of all LGBTQ+ older people fear they will outlive the money they save for retirement, as compared to a quarter of non-LGBTQ+ older people; 1 in 2 single LGBTQ+ older people believe they will have to work well beyond retirement age, as compared to less than a third of single non-lgbt older people; and more than half of the LGBTQ+ older adult population is concerned about not having enough money to survive retirement.
April is Financial Literacy Month. What do you need to know as an LGBTQ+ older adult? Have you planned your estate? How do you find an LGBTQ+-friendly lawyer or financial planner? Here are some tips and tricks for your financial planning this month and long term:
Find your LGBTQ+-friendly financial planner
Afraid of discrimination? Fear no more. There is an abundance of resources on finding an LGBTQ+-friendly financial planner and/or lawyer. The Wells Fargo guide, Tailored Investment Planning Solutions for Same-Sex Couples and Domestic Partners, will help you find a financial planner with ease. Are you an LGBTQ+-friendly financial planner? Join the Gay Financial Planner list here.
How do you plan your estate?
Create a will. It can be tough to talk about, but it’s one of the most important steps you should take as an older adult. Did you know that an estimated two-thirds of people die without a will? Check out What Every LGBTQ+ Older Adult Needs to Know About Wills from the National Resource Center on LGBTQ+ Aging.
Talk to your partner(s), family and friends
Sure, it’s hard to talk finances, but keeping the communication clear between you and your loved ones will make things easier. These Must Read Tax Tips for LGBTQ+ Couples explain the difficulties of talking about finances with a partner. “Schedule some time with your significant other to sit down uninterrupted and share a nice bottle of wine. Discuss your financial goals and where you are financially, both as individuals and as a couple. Put this in writing.”
Vera Lukacs is a digital media assistant at SAGE. April is Financial Literacy Month. What do you need to know as an LGBTQ+ older adult? Follow the SAGE blog this month for more!