Canal Street Online Manchester

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.

Its party time for our community, but also time to reflect on your future too..


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 (http://equality-wealth.com/manchester/) :
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 (http://www.equality-wealth.com/requests/request.php?event_id=11) if you’d like to talk to Kath.

Published on - Wed, 15 Aug 2018

PRIDE IN RETIREMENT: Does this apply to you?


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

Published on - Thu, 07 Jun 2018

Planning for living your Dreams! Why its not about being wealthy.

Many people we have spoken to following the previous ‘Money’ articles have told us that this seems to be something for the Rich!

At Canal Street, we believe that everyone should have the opportunity to plan for their future and ultimately live their dreams.
For the Gay Community, there are some unique issues, many of which come about as a result of a different lifestyle which means we don’t
necessarily fit into the traditional life cycle that Financial Planning is based on.

We asked Kath Wilkinson, our local LGBT specialist Financial Planner, what some of the issues are that people should be thinking about
when planning for their future. Kath told us that the big issue for many of us in the LGBT Community is that whilst we realise that we have
to do something, we don’t see the urgency and ‘put it off’. Also many people haven’t thought about their life goals in financial planning terms
and lack the focus to get going. Kath also tells us that many of us in the Community feel uncomfortable talking about ourselves as this involves ‘coming out’
to advisers who may not understand us. Kath takes a consultative approach when talking LGBTs thinking about Financial Planning and starts by discussing their
dreams and goals and helping people develop a life cycle plan supported by a Financial Plan. As someone who’s gone through her own ‘coming out’ journey,
Kath makes a point of putting people at ease and feeling free to talk about their personal issues such as a same-sex partner which is essential in making sure the best plan
can be put in place.

For most of us having money to live our dreams requires work and careful planning and it’s important to start this as early as possible so that maybe one day, we can become one of those with
money to do all the things we want to. As the Ancient Chinese proverb says - ‘A journey of a thousand miles starts with just one step.’ The first step for many of us may well be that initial consultation
to discuss our dreams and goals and plan how to get there. With the start of the new tax year, this may be a good time to start this journey.

So, don’t put it off and arrange to meet Kath and chat about your personal sitiuation? Click here:

Published on - Thu, 12 Apr 2018

In Manchester and the North West, Kath Wilkinson, our Equality Wealth accredited LGBT specialist, is offering a free end-of-tax-year review.Learn more below..

LGBT ISA campaign

It’s time for action!

One of the issues faced by LGBT people is that of planning for the future.

ISA stands for Individual Savings Account and was introduced by the Government to encourage us all to develop a regular savings habit.

The annual allowance is currently £20,000 per annum form the 6th April 2018 to 5th April 2019.

At Equality Wealth, we partner with specialist LGBT Advisers who understand the specific needs of LGBT clients as well as the Tax efficient vehicles that are available to help us in planning for our future.

Kath says:

‘In my experience there are no off-the-shelf solutions as all my LGBT clients are individuals.  By meeting face to face I can assess your personal requirements, your attitude to risk, as well as your financial concerns, responsibilities, and ambitions.  I then use my financial experience to help you address the big picture and make managing your wealth simple and easy.

Regular review of your investments and overall finances is the key to successful wealth management.  Over time, changes in your personal circumstances, changes in legislation and the effects of inflation will all have an impact on your financial situation.

As your trusted LGBT wealth manager, my role is to ensure any plans we put into place remain on course and appropriate, no matter what changes.  Through regular reviews I can help you reach your financial goals and plan a secure future for you and your family.’

Click here if you’d like a free tax year end consultation with Kath http://www.equality-wealth.com/requests/request.php?event_id=11

Published on - Tue, 20 Feb 2018