SAGECents is an online platform designed for older LGBTQ+ people. Its goal is to help them improve their financial situation and reduce money-related worries.

When you sign up for a free account, you can immediately use SAGECents to access helpful tools and resources tailored for LGBTQ+ elders. These resources will assist you in making important financial choices that align with your life. For instance, you’ll find information about Medicare benefits, guidance on creating a health proxy and a living will, and tips for improving your credit score. Additionally, SAGECents users get one free session with a financial counselor who holds the Association for Financial Counseling and Planning Education designation.

Why is this important?
50% of single, LGBTQ+ elders believed that they will have to work well beyond retirement age, compared to 27% of single, non-LGBTQ+ elders. On top of this, 51% of LGBTQ+ elders are very or extremely concerned about simply having enough money to live on, compared to 36% of their non-LGBTQ+ peers.

If you relate to this, give it a try, and if you know someone who would benefit from it, introduce them to give it a try.

https://www.sageusa.org/

The post A Financial Platform for LGBTQ+ elders first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.

This gap is due to a variety of factors, but by and large many women are not aware how crucial it is for them to have adequate life insurance and how affordable it is for them to obtain. Educating women on the benefits of life insurance can encourage them to invest in the coverage they need, and one of their biggest benefits is access to lower rates.

Here are several reasons women often have lower life insurance rates than men:

Women Have a Longer Life Expectancy

Women generally have a longer life expectancy. According to data from the World Health Organization, the global life expectancy is around 76 years for women and 71 years for men. This makes covering women a lower risk for insurance companies and results in lower rates.

Women are Less Likely to Engage in Risky Behaviors

Insurance companies consider an individual’s lifestyle, and women are generally less likely to engage in risky behaviors that can lead to premature death. These behaviors, such as smoking or excessive alcohol consumption, increase the risk of health problems that lead to a shorter life expectancy, making men a higher risk for insurance companies and keeping rates lower for women.

Women are generally less likely to engage in risky behaviors that can lead to premature death.

Women Have Lower Rates of Certain Health Conditions

Insurance companies also consider an individual’s medical history and current health when determining rates. Women have lower rates of certain health conditions that can lead to premature death, such as heart attacks and strokes. Since women are generally considered a lower risk for these conditions, their life insurance rates are often lower than men.

Women Tend to Work in Less Hazardous Jobs

An individual’s occupation and level of risk associated with it are also considered by insurance underwriters. Women tend to work in less hazardous jobs than men, which can reduce their risk of death due to workplace accidents or injuries. This makes women a lower risk for insurance companies, which lowers their rates.

Women tend to work in less hazardous jobs than men, which can reduce their risk of death due to workplace accidents or injuries.

It is important to note that, while women in general qualify for lower rates due to the factors listed above, all policy rates and coverage options vary based each person’s specific circumstances.

Life insurance rates are based on a wide variety of factors — however, with many women unaware than their rates are typically lower than men, it is important to highlight these differences so more women might be encouraged to get a policy, protect their families and close the gender gap in life insurance coverage.

Posted by Jeff Lehman

The post WHY LIFE INSURANCE RATES ARE OFTEN LOWER FOR WOMEN first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.

Start with a Budget
Before you can begin saving and investing for your future, you need to understand where your money is going today. Make a list of all your income sources and expenses, including housing, utilities, food, transportation, entertainment, and any other regular costs. Then, identify areas where you can cut back on spending to free up more money for savings and investments.

Consider Estate Planning
If you’re married, you may assume that your spouse will automatically inherit your assets in the event of your death. However, without a will or estate plan, your assets may be distributed according to state law, which may not align with your wishes. This is especially true if you have children from a previous relationship, or if you’re not legally married. Consider meeting with an estate planning attorney to create a will, power of attorney, and other legal documents that protect your family’s interests.

Maximize Retirement Savings
As an LGBTQ+ individual, you may face challenges when it comes to retirement savings. According to a recent study, LGBTQ+ individuals are less likely to have 401(k) savings than their heterosexual counterparts. Maximize your retirement savings by contributing as much as possible to your employer-sponsored retirement plan, and consider opening an individual retirement account (IRA) to supplement your savings.

Consider Insurance
Insurance is an important part of any financial plan, especially for LGBTQ+ families. Consider purchasing life insurance to provide for your loved ones in the event of your death, and disability insurance to protect your income in the event of an illness or injury that prevents you from working.

Save for Your Children’s Education
If you have children, saving for their education is an important part of your financial plan. Consider opening a 529 college savings plan, which offers tax-free growth and withdrawals when used for qualified education expenses.

Review and Adjust Your Plan Regularly
As your family’s needs and circumstances change, so should your financial plan. Review your plan at least annually, and make adjustments as needed to ensure that you’re on track to achieve your financial goals.

Creating a financial plan for your LGBTQ+ family can be challenging, but it’s an important step in ensuring your family’s financial security. By following these tips, you can create a plan that aligns with your values and supports your family’s goals.

The post Creating a Financial Plan for Your LGBTQ+ Family first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.

Below are some important considerations to discuss with your financial and tax advisors to ensure that your family has the proper planning in place.

Utilizing Trusts: A revocable living trust is a useful planning vehicle, especially for LGBTQ families. Unlike wills, revocable trusts are not in the public domain. This helps keep your estate private from nosy friends and neighbors and can also help minimize offending other family members.

Revocable trusts can be flexible, allowing them to be changed while someone is alive and becoming irrevocable upon death. This is important because, unlike wills that can be successfully challenged, trusts cannot be contested by others, including family members who are antagonistic towards your lifestyle choices.

Estate Planning: Passing away without an estate plan could result in inadvertently leaving money to the wrong people. If you’re unmarried, your assets would likely not go to your partner without a well-defined estate plan. The same is true for any children that are not natural heirs, which is sometimes the case for same-sex parents. In these scenarios, or for anyone without children or whose partner doesn’t survive them, proper estate planning allows you to clearly determine to whom your assets go. Without a will, your state intestacy laws would dictate where your property goes. It could all pass to family members with whom you may have an estranged relationship or who you might not have spoken to in 20 years. Doing periodic estate planning reviews are essential to ensure your assets will pass according to your wishes.

Some same-sex couples have been together well before 2015. They may have some estate planning documents that predated their getting married once it became legalized. In this case, it’s imperative to review all estate planning documents to ensure that it accords with their current intent and the current laws.

Review Beneficiary Designations: Certain assets, like retirement accounts and life insurance policies, can pass to the beneficiary on file without the need for a will and without going through probate. The named beneficiary takes precedence over a will, meaning whoever is listed as beneficiary will get those assets regardless of what a will might state. It’s easy to overlook these designations, but they should be reviewed periodically and after any major life event. Last thing anybody wants is to have their insurance proceeds and retirement nest egg go to an ex-spouse because they never updated beneficiary designations.

Jonathan I. Shenkman

https://www.forbes.com/sites/jonathanshenkman/2023/03/13/financial-planning-checklist-for-lgbtq-families/?sh=5567dae57faf

The post Financial Planning Checklist For LGBTQ Families first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.

Define your values: Before you begin investing with social responsibility, you need to identify what values are important to you. Some common values that investors may prioritize include environmental sustainability, social justice, and human rights. It’s important to do your research and make sure the companies you invest in align with your values.

Do your due diligence: Research the companies and funds you are considering investing in. Look for information about their environmental and social impact, corporate governance, and ethical practices. There are also many tools and resources available online to help you screen investments based on your values.

Consider impact investing: Impact investing involves investing in companies, organizations, or funds that have a positive social or environmental impact while still earning a return on investment. Impact investing can be done in a variety of ways, including through community development funds, green bonds, and microfinance.

Diversify your portfolio: Just like with traditional investing, it’s important to diversify your portfolio when investing with social responsibility. Don’t put all your money into one company or fund, and make sure you’re spreading your investments across different sectors and industries.

Don’t sacrifice returns: Just because you’re investing with social responsibility doesn’t mean you have to sacrifice returns. In fact, some studies have shown that socially responsible investments can perform just as well or even better than traditional investments. However, it’s important to remember that past performance is not a guarantee of future results.

Monitor your investments: Once you’ve invested, it’s important to keep track of how your investments are performing and whether they continue to align with your values. If a company or fund you’ve invested in begins to engage in practices that go against your values, you may want to consider divesting and investing elsewhere.

Investing with social responsibility is a way to use your money to make a positive impact on the world. By following these tips, you can invest in companies and funds that align with your values and still earn a return on investment. Remember to always do your research, diversify your portfolio, and monitor your investments to ensure they continue to meet your values and financial goals.

The post Investing with Social Responsibility: How to Align Your Investments with Your Values first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.

Although significant progress has been made in marriage equality laws, there are still disparities in financial planning and saving for the future.

Although same-sex marriage has been legalized nationwide, there are still additional considerations for LGBT investors when it comes to retirement, estate planning, and inheritance. These considerations include a potential retirement shortfall, self-funding long-term care to avoid discrimination, and having explicit estate planning documents to avoid conflicts with statutes affecting inheritance. It’s important not to let concerns of falling behind in planning affect you, as you still have the ability to take care of your financial future. While the Supreme Court’s decision on marriage equality was a momentous occasion, it doesn’t address all the other problems that LGBT individuals still face, such as workplace and housing discrimination on the basis of sexual orientation and gender identity. Your financial advisor can help guide you through these unique challenges and prepare you for a financially secure future.

Insufficient funds for retirement.

Even though marriage equality has made financial matters simpler for same-sex couples who opt to tie the knot, there are still several reasons why many LGBT investors may fall behind their heterosexual counterparts in terms of financial planning and saving for their future. A recent study showed that LGBT individuals are less likely to have a will or estate plan (19% compared to 26%), 401(k) savings (35% compared to 40%), and save a smaller percentage of their paycheck (20% compared to 25%) in retirement accounts.

The study also found an income gap between LGBT workers and the general population, which could lead to less available funds to save. Lesbian respondents reported an average annual salary of $45,606, compared to $51,461 for heterosexual women. Gay men reported earning an average of $56,936, compared to $83,469 for heterosexual men. Additionally, same-sex couples who are approaching retirement age may have less experience with milestones, such as graduations, college, and weddings, since they are less likely to have children. However, this demographic may shift as more young same-sex couples decide to have or adopt children.

If you find yourself falling short in your retirement savings, there are ways to catch up. The IRS catch-up provisions allow those aged 50 and over to contribute up to $6,500 per year in IRAs and $24,000 in 401(k)s. When you have reached the maximum contribution limits of all available retirement accounts, there are other options, such as annuities and other investments. Your financial advisor can help you understand these options, as some may have complex rules.

Assisted living facilities discrimination.

Finding LGBT-friendly long-term-care facilities continues to be a practical challenge for gay, lesbian, and bisexual couples seeking senior housing, even in a post-marriage-equality world. According to the Equal Rights Center report, these couples may face differences in availability, pricing, fees and costs, and application requirements, which could result in less favorable treatment than heterosexual couples. As a result, finding an LGBT-friendly long-term-care facility is among the top personal finance concerns for LGBT investors. To avoid potential discrimination or exclusion during this vulnerable stage, many individuals opt for at-home elder care. Traditional long-term-care insurance or hybrid products that combine long-term care funding with life insurance or an annuity can help cover these costs, and your financial advisor can discuss these options with you.

Challenges in inheritance for the LGBT community.

Regardless of your marital status, it’s essential to have an estate planning strategy in place to ensure your assets go where you want them to go after you pass away. Without a will, state laws determine where your property goes, which could result in your surviving spouse receiving only a portion of your estate, while the rest goes to other relatives. Even if you have a will, your executor must inform your next of kin, who might object to your desire to include your same-sex spouse in your estate.

To avoid any confusion, it’s recommended that you have a comprehensive estate planning strategy that includes clear language specifying who should benefit and who should not, along with a variety of other protections. Even if all your relatives are LGBT-friendly, laws regarding estate planning vary by state, so it’s best to have all your legal documents prepared.

The most important step in securing your financial future is to take a close look at your needs and how to meet them. If you haven’t taken control of your finances yet, it’s never too late to start. Remember, your past doesn’t determine your financial future. With a solid plan and the right guidance, you can change the outcome.

The post How retirement planning differs for the LGBTQ community first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.

One of the most significant financial benefits of same-sex marriage is the ability to share financial resources. Prior to marriage equality, same-sex couples were often excluded from many financial benefits that were only available to married heterosexual couples. These benefits include access to spousal health insurance coverage, Social Security benefits, and the ability to file joint tax returns. By getting married, same-sex couples can now take advantage of these benefits and potentially save thousands of dollars each year.

Another financial benefit of same-sex marriage is the ability to inherit assets from a spouse without paying estate taxes. Prior to marriage equality, same-sex couples were often excluded from inheritance rights and would have to pay significant estate taxes on any assets that they inherited. However, with the legalization of same-sex marriage, couples can now inherit assets from each other without incurring any tax liability.

Despite these financial benefits, same-sex marriage also presents some unique challenges. For example, same-sex couples may face higher costs when it comes to planning for retirement. This is because same-sex couples are less likely to have access to employer-sponsored retirement plans and may not receive the same level of Social Security benefits as married heterosexual couples.

Additionally, same-sex couples may face challenges when it comes to estate planning. In some cases, same-sex couples may have to jump through additional legal hoops to ensure that their assets are passed down to their spouse after they pass away.

Overall, same-sex marriage presents both financial benefits and challenges. However, by carefully planning and making smart financial decisions, same-sex couples can enjoy many of the same financial benefits as their married heterosexual counterparts. If you are a same-sex couple, be sure to speak with a financial advisor who can help you navigate these challenges and take advantage of the financial benefits of marriage equality.

The post The Financial Benefits and Challenges of Same-Sex Marriage first appeared on Linda Legacy - Wealth Builder / Retirement Planning Specialist.