Retirement and financial advice from Equality Wealth Management
LGBTIs are not alone in not planning adequately for retirement – it’s something that much of the population prefer to ‘think about later’. LGBTIs do however have some additional issues to consider. Many of us grew up in a time when we could not have imagined the open lifestyle that’s possible today. Indeed, many of the LGBTIs who will retire over the next couple of decades will probably have spent a number of years ‘in the closet’ and will not have thought about a ‘gay retirement’
We at Equality Wealth have recently conducted a major survey and will use the reults to update you via our brand new blog here on Canal St Online in areas of your retirement, your Pensions and other important issues relating to your finances, both at present and crucially in the future.
Click here for our comprehensive, simple to follow guide to your retirement.
Living your Gay dreams in retirement!
As Gay people, we are often told that we are understood to have higher disposable income as many of us do not have children and are more likely to have moved to bigger Cities like Manchester to experience a more open ‘gay lifestyle’. We may also have the opportunity to live our retirement dream, be it a place on the beach in the sun or a cool pad in the City. However, many of us have not planned adequately for retirement and may find the opposite to be true.
Gay people are not alone in not planning adequately for retirement – it’s something that much of the population prefer to ‘think about later’. As gay people, we do however have some additional issues to consider. Many of us grew up in a time when we could not have imagined the open lifestyle that’s possible today. Indeed, many of the LGBTIs who will retire over the next couple of decades will probably have spent a number of years ‘in the closet’ and will not have thought about a ‘gay retirement. Many will also have lived through an era where HIV/AIDS had a big impact on how we thought about the future. As such, for many, retirement planning may be starting later in life and require much more attention. Additionally, now that we have achieved a lifestyle we like, the last thing we want to do is go back to living in a location where we don’t have access to a vibrant LGBT Community, with the implication that we likely wish to spend our retirement in a location with a relatively higher cost of living.
So what issues should we be thinking about as we move closer to retirement? The first thing to consider is what you would like your retirement to be for you. Based on this goal, you can then work out what this is likely to cost and what you are likely to need to fund. The following are some considerations when thinking about retirement: 1. It’s important to think about where you wish to retire to. Many LGBTI people would like to retire to a location that has a vibrant LGBTI Community and it is important not to feel isolated in retirement. Such locations can potentially be more expensive and it’s worth researching the cost implications in some detail. For those thinking of retiring overseas, it’s also worth checking the legal status for LGBTIs in the location you’d like to live in.
2. When would you like to retire? Without children, many LGBTIs may be able to consider retiring earlier, though starting planning later in life will make this less achievable. In the UK, the earliest you can now take money out of your pension is at age 55, although there may be penalties in doing so. Taking advice on this would be prudent. 3. What do you want to do when you retire? 4. How much will it cost you to retire to where you want and have enough money to do what you want to do? Remember to take income tax and inflation into account. Once you have worked this out, you can review your current situation and plan how you could be prepared for that ‘gay retirement’.
If this sounds interesting and you’d like to find out more, we’re working with Equality Wealth (the LGBT specialist) to host some free LGBT retirement seminars.
These will be run in Manchester in conjunction with Kath Wilkinson, our local LGBT retirement expert.
Meet the team: Kath Wilkinson is proud to be launching the first specialist LGBT Financial Planning operation in Manchester and the North West in partnership with Equality Wealth. Kath will be using her experience and struggles in coming out to support others in the LGBT Community with a focus on helping LGBT people plan for their future and retirement in a safe and confidential space.
"It is our intention to provide comprehensive content relating to all matters LGBT within the region. We aim to provide definitive listings of activity in and around the Gay Village, Manchester and the wider NW region without prejudice or opinion.
We strive to provide information about a wide body of services, organisations and individuals who operate with, and market to, LGBT users. It is also our intention to provide a platform for those of our community, who require help and assistance"
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