Pride in Retirement
PRIDE IN RETIREMENT
Inspired by the approaching summer Pride season, an issue that we believe to be important is Pride in Retirement. Whilst many of us like to think we won’t grow old, the reality is that we will - but it would be comforting to think we that will be in a position to do so fabulously (if not gracefully!)!
Thinking about Retirement is important for us all. Many older LGBTs who are thinking about retirement may have spent their younger years 'in the closet', fearing rejection or even persecution, and so didn’t prepare for later-life financially or legally. Meanwhile, many younger members of our Community put off retirement planning, thinking they’ve got plenty of time.
For both groups – and everyone in between – we have launched the 2018/19 Pride in Retirement guide.
The guide is primarily for LGBTs living in the UK and you’ll find lots of information on tax benefits as well as specific considerations for LGBTs, including information on planning retirement with your partner – whether you are married or not.
We believe that Pride is an opportunity for celebrating all the advancements we've seen over recent years and also to think about what this means in planning for our future and making sure we’re well prepared to take advantage of the possibilities open to us.
Top tips from the Pride in Retirement guide
1 Work out how much money you will likely need in retirement and how much income you can expect to receive in retirement - and if there could be a shortfall, get advice on how to help make up the difference!
2 If you’re with a 'significant other' or have financial dependants, check the state of your ‘expression of wishes’ or nomination form.
3 Check your state pension and request a forecast from the UK Government’s site.
4 If your employer is prepared to pay into your pension, then consider very carefully before you potentially turn down this offer.
5 Start making small and regular contributions at the earliest possible opportunity.
6 If you’re a higher rate taxpayer, then consider making a contribution so you maximise the tax benefit.
7 As a 'rule of thumb', think about contributing as much as you can afford from your gross annual salary.
8 Consider alternative tax efficient vehicles, including ISAs, which may pay a tax-free income in retirement.
9 Don’t rely on property income alone for retirement income.
10 Get advice!
And there’s much more information in the free Pride in Retirement guide. Get your copy here:
You can speak directly to an LGBT specialist financial adviser. Here in Manchester and the North West, Kath Wilkinson is Equality Wealth's accredited LGBT specialist adviser and is offering a free retirement consultation.
Click here if you’d like to talk to Kath.
The guide is for information purposes only. It does not constitute advice. Equality Wealth does not guarantee the accuracy of information contained within the guide and as pensions and taxation issues frequently change, people should take professional advice on their individual situation