As a gay fancial planner who works wh many same-sex upl across the Uned Stat, I n say om experience that many people have no ia how to pay ls tax. Here are the 8 mov gay upl wh big need to make right now.
Contents:
- THE GAY RETIREMENT GUI FOR FABULO LGBTQ FANCIAL PLANNG
- HOW TO GET THE BT GAY FANCIAL PLANNG ADVICE
- 8 TAX-SAVG MOV FOR HIGH-EARNG GAY COUPL
- JOHN GAY, CFP®
- 3 THGS LGBTQ+ FAI NEED TO DO DIFFERENTLY WH THEIR MONEY, ACRDG TO A GAY FANCIAL PLANNER
THE GAY RETIREMENT GUI FOR FABULO LGBTQ FANCIAL PLANNG
As a gay man, the fancial lsons and bt practic that I was tght om a young age haven’t always applied to my life. And as I look back, there have been moments where I had to figure out my path forward when I uld have benefed om a gui, mentor, or advisor. Today, I * homosexual financial planning *
As a gay man, the fancial lsons and bt practic that I was tght om a young age haven’t always applied to my life. For gay upl, the three ma optns are fertily treatments, adoptn, and surrogacy, and each of the n st up to $20, 000, $50, 000, and $200, 000, rpectively.
So, while many young upl may e their first $50, 000 saved for a down payment on a home, gay upl may need this money to be put toward startg a fay — and then e up wh the down payment for a hoe after that. Wh this urban liftyle a higher st of livg for many gay people: rent, hom, tax, food, and stapl all st more the cy than the suburbs. As a rult, the st of livg for the average gay uple may be higher than for other upl, and even small monthly sh flow differenc n pound substantially over a lifetime.
HOW TO GET THE BT GAY FANCIAL PLANNG ADVICE
More than 3 ln LGBT Amerins are currently over age 50, is time for the gay muny to get ser abour Retirement planng. Here is your Gay Retirement Gui. * homosexual financial planning *
Last but not least, is the topic of tate planng when gay or transgenr loved on are the picture. This topic is important for many people, cludg those outsi of the LGBTQ+ muny but have gay or trans fay members.
For many gay people, n feel like the world wasn’t always built for them, and I know first-hand that the topics n be challengg to navigate alone. Start planng today for the bt gay...
For many gays, lbians, bisexuals, transgenr, and queers, the stereotypil ia of retirement appears to not be that appealg. Gay upl are not takg up golf and spendg time wh the grandkids at the same pace as their heterosexual unterpart. In fact, I am wrg this post om Palm Sprgs, which appears to attract a bevy of gays and lbians livg their bt liv!
8 TAX-SAVG MOV FOR HIGH-EARNG GAY COUPL
How to get the bt LGBT fancial planng advice. If you are lucky enough to be part of the LGBTQ+ muny, a Gay Fancial Planner jt might be the bt for your fancial future. What steps you should make to show pri your gay personal fance choic. * homosexual financial planning *
Homophobia n hurt the qualy of your retirement, whether your worth is tens of lns of dollars or close to zero.
LGBT Amerins Earn Ls and Are Behd When It Com to Savg for A Gay Retirement.
JOHN GAY, CFP®
Fancial planng for the Lbian, Gay, Bisexual, and Transgenr muni. LGBT Fancial tak a thorough approach to planng for your suatn. * homosexual financial planning *
There are nflictg reports on what I ll the "Gay Pay Gap. " Acrdg to the US Department of the Treasury, on average, gay married upl earn more than lbian upl who earn more than oppose-sex upl. Upon further diggg, appears that lbian or gay upl were jt more likely to be a dual-e hoehold.
How Can LGBT Amerins Addrs the Gay Retirement Gap?
I unt myself extremely fortunate that at 22 years old, a gay mentor sat down wh me and helped me open my first Roth IRA. Your gay retirement date will be here before you know . MORE FROM FORBESGay Fancial Advisor Shar 6 Ways To Take Pri In Your FancBy David RaeLGBT Amerins Are Rponsible for Carg for Other Fay Members.
3 THGS LGBTQ+ FAI NEED TO DO DIFFERENTLY WH THEIR MONEY, ACRDG TO A GAY FANCIAL PLANNER
Fancial Freedom Is a Top Prry for Gay Hoeholds As a gay fancial planner, I have seen the difference fay dynamics between my hetero clients and LGBTQ clients. New rearch shows the Gay muny is buildg wealth fast. * homosexual financial planning *
I gus some s, is assumed a gay uple wh no children will have more time and flexibily to re for agg fay members pared to a parent tryg to raise their children. Breakg this down further, jt 19% of gay men have fancially pennt children, while 28% of lbians report havg fancially pennt children. In realy, the number of people who have to provi some support for agg parents will likely be much higher than the percentag whether you are gay, straight, or otherwise.
Carg for agg parents n stall reers, lim retirement savgs as gay workers near retirement, or the worst-se scenars, bankptcy after the parent pass.
We are also more likely to be tranged om homophobic fay members or jt have no fay members left.
* homosexual financial planning *
I know many of my iends (and gay fancial planng clients) are expectg to receive re om, or give re to, their chosen fai (iends). Acrdg to SAGE, a reported 21% of gay retire provi re for an elrly iend, pared to jt 6% of heterosexual elrs.
I'm kd of picturg a (gayer) goln girl's retirement here; how much fun would that be? I hate to be the bearer of bad news, but homophobia is rampant retirement muni and nursg hom.
Especially for olr gay upl, who were married later life, LTC verage may not be available, or is likely to be st prohibive. But there is good news for married gay upl. Pl, all married upl will have fewer hurdl to jump through to avoid tax problems when one spoe is payg for long-term re for the other same-sex gays and lbian upl are startg fai.