Financial Planning in the LGBTQIA+ Community
For those in the LGBTQIA+ community, there are additional considerations that make financial strategizing essential. Financial long-term planning for LGBTQIA+ individuals should be holistic and inclusive of specific circumstances:
Legal and Estate Planning
☐ Work with legal professionals who are knowledgeable about LGBTQIA+ issues to help wills, powers of attorney, and other legal documents reflect and protect personal relationships and wishes.
☐ Consider setting up trusts or other mechanisms to protect assets so they are passed on according to one's wishes, especially in jurisdictions with less legal recognition of LGBTQIA+ relationships.
Health Insurance
☐ Evaluate health insurance plans carefully to work toward covering necessary medical procedures, including gender-affirming surgeries and treatments.
☐ Establish Health Savings Accounts (HSAs) or similar savings plans to cover out-of-pocket healthcare expenses.
Family Planning
☐ Include the costs of adoption, surrogacy, or fertility treatments in financial plans and explore employer benefits that may help with these expenses.
☐ Review and update beneficiaries on insurance policies, retirement accounts, and other financial documents so they align with current family structures and legal recognition.
Retirement Savings
☐ Consider potential lack of spousal benefits or survivor benefits in pensions or social security, depending on legal recognition in one's jurisdiction.
☐ Create a robust retirement savings strategy that accounts for the possibility of higher healthcare costs and other unique expenses.
Emergency Savings
☐ Build substantial emergency savings to provide financial stability in case of job loss or discrimination.
☐ Develop skills and networks that enhance employability and provide options in LGBTQIA+ friendly environments.
As we celebrate Pride Month, it's a reminder of the importance of recognizing and addressing the diverse financial needs within the LGBTQIA+ community. Long term planning not only supports individual goals but also strengthens the community, fostering resilience and equality.
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Unlock your patterns, gain clarity and focus, and become supremely confident with money using my simple 8-step approach to changing your financial future.
Transform Your Money-Fears into Money-Loves!
Unlock your patterns, gain clarity and focus, and become supremely confident with money using my simple 8-step approach to changing your financial future.
