Financial Literacy: Tips and Tricks for LGBT Elders
April is Financial Literacy Month, and we’re commemorating the occasion with a series of blog posts from DEC members about economic security and financial resources for our elders. Today’s blog post originally appeared on the SAGE blog.
It’s critical for LGBT 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 LGBT older people fear they will outlive the money they save for retirement, as compared to a quarter of non-LGBT older people; 1 in 2 single LGBT 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 LGBT 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 LGBT older adult? Have you planned your estate? How do you find an LGBT-friendly lawyer or financial planner? Here are some tips and tricks for your financial planning this month and long term:
Find your LGBT-friendly financial planner
Afraid of discrimination? Fear no more. There is an abundance of resources on finding an LGBT-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 LGBT-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 LGBT Older Adult Needs to Know About Wills from the National Resource Center on LGBT 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 LGBT 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.”
The opinions expressed in this article are those of the author and do not necessarily reflect those of the Diverse Elders Coalition.