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The following are some of the very real challenges—and the wonderful possibilities-- that LGBTQ+ people face in their financial lives. Knowing the facts, and creating a solid and truly personalized plan can make all the difference in the world.
1. Many members of the LGBTQ+ community face numerous financial hurdles:
An Experian survey found that 62% of LGBTQ+ respondents said their gender identity or sexual orientation caused them to experience financial challenges:
2. LGBTQ+ people have unique challenges around where they live and where they spend their money:
3. LGBTQ+ people are less likely to feel confident in their investment knowledge and their financial life:
There are major financial issues to be considered around marriage, partnerships, family and children. For LGBTQ+ people, these can become even more complicated:
5. LGBTQ+ people have unique challenges around healthcare:
The Affordable Care Act has really helped more LGBTQ+ people obtain health insurance, however, there are still some issues for LGBTQ+ folks:
6. Who will be there to take care of me?:
LGBTQ+ people may be less likely to have someone to care for them in their later years, hence they are more likely to need long-term care insurance. They might also have issues getting a life insurance policy (with a long term care rider) if they are HIV+, especially now during COVID times.
Now is the time!
If you are LGBTQ+, it’s important to choose a financial advisor who truly understands the inner and outer challenges of being LGBTQ+. As a married gay dad, I understand these issues. You need an advisor who is allied with a team ready to give you legal and financial advice tailored for your life, your goals, your relationships, your family and your future.
I discussed several of these issues in this moneyunder30.com article.
Click on the button below...You can actually speak your questions to me and I will get back to you with an answer. I look forward to answering as many of your questions I can. Don't be shy - if it matters to you, I would like to help.