Think about Pride in Retirement during this Pride season

As well as being an opportunity for the Community to have its voice heard (and maybe a good party!), we believe the Summer Pride season is an opportunity to celebrate some of the significant advancements that have been made for the LGBT Community over recent years. In addition, with these advancements come further positive developments and implications we should consider. One such aspect that we believe to be important is Pride in Retirement. Many of us now have a real opportunity to plan for an open and fulfilling retirement and whilst many of us prefer to believe we won’t grow old, the reality is that we will - but it would be comforting to think that we would 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. There’s a real opportunity for the Gay Community to plan for ‘living our dreams' in retirement whether that be a cool pad on the Med or living in a great City and actually having time to see the shows! Whatever you dream of doing for your gay retirement, this will take some thinking about and planning.

Our friends at Equality Wealth have put together a 'Pride in Retirement' guide to help the LGBT Community think about what retirement means for us and what we should be thinking about and planning for. The Guide covers issues for those getting closer to retirement as well as younger people just getting started in their working life.

The Guide is primarily for LGBTs living in the UK and you’ll  find information on tax issues 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. Firstly, it’s a good idea to think about what retirement will mean for you and what you dream of doing when you have the time and don’t need to work any more.

2. Another important consideration is where you’d like to live in retirement. Many LGBTs would like to be somewhere with a vibrant LGBT Community and research has shown that these locations can be relatively more expensive.

3. Having decided what your dream is for retirement and where you’d like to live, it will be good to work out how much this would cost and how much income you’ll need to have to support this.

4. Setting this goal for retirement will allow you to monitor how you’re doing as well as planning how much you’ll need to put aside.

5. If you’re with a 'significant other' or have financial dependants, check the state of your ‘Expression of Wishes’ and make sure everything is as you would like it to be.

6. It’s a good idea to check your status with respect to the State Pension as well as potential Tax benefits - the Guide offers more detailed information on this.

7. If your employer is prepared to pay into your pension, then consider very carefully before you potentially turn down this offer.

8. Start making small and regular pension contributions at the earliest possible opportunity - living fabulously needs to be saved for!

9. As a 'rule of thumb', think about contributing as much as you can afford from your gross annual salary.

10. TALK TO SOMEONE! It’s important to talk with someone about your retirement. If you have a Partner - talk about your shared aspirations. It’s also a good idea to talk to an expert to get advice - even if this is just a starting point it is likely to help you in getting started.

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 the link below if you’d like to talk to Kath.

Published: 15-Aug-2018: (5025)