What will you do with your ‘Gay Retirement nest egg?
Did you get many Easter Eggs recently? For many of us, this is a symbol of something new and also a memory of childhood. Eggs are also a symbol of planning for the future and in particular our ‘nest egg’ for retirement.
We recently highlighted Equality Wealth's LGBT Retirement Guide to encourage our Community to be proactive about the issues and opportunities facing us when planning for our eventual retirement and building up our ’nest egg'. (request copy here )
A key issue affecting older LGBTs is what to do with the ‘Retirement nest egg' as retirement gets closer. Our Retirement nest egg may be in the form of receiving a pension from our employer based on salary (defined benefit) - or having our own Pension Pot (defined contribution) which then pays us an income. This is a complicated issue and there is no ‘one size fits all' type answer, and the best way for us to know the best options is therefore to get proper advice.
For LGBTs who are approaching retirement and wondering what to do, there may be different issues to consider. Many of us may have spent years living in the closet and not planning for retirement. We are also generally less likely to have children and dependents, and our succession planning may therefore well be different. These kind of issues are important considerations when thinking about what to do with our Retirement nest egg.
Equality Wealth stresses the importance of getting independent and understanding advice and have partnered with local-area LGBT specialist Pension Advisers across the UK, each offering a free independent Pension Review for the LGBT Community in their local area. In Manchester and the North West, we have partnered with Kath Wilkinson.
If you’d like some understanding and respectful advice on what to do with your Retirement nest egg, request a free review meeting with Kath by clicking here