Time passes quickly, and retirement age can sneak up on anyone. As a member of the LGBTQ+ community, you may have different needs in terms of healthcare, legal affairs, and partnerships. Saving and planning for retirement can be tricky regardless, so you should research all options and laws regarding retirement, especially if you are in a same-sex partnership. Los Angeles isn’t cheap to live or retire in, so innovative financial strategies can make a difference.
Start Saving
There is no ‘too early’ regarding retirement savings, especially if you don’t want to work. Los Angeles has a high cost of living, especially for older adults, so as early as possible is best. If you are employed and your employer offers any 401(k), Roth Investment Retirement Account (IRA), or other retirement plans, take advantage of them, as they can save you money. Self-employed individuals may have access to alternative retirement plans. Most experts agree on saving at least ten to fifteen percent of your annual income for retirement, but meeting with a financial advisor for a personalized plan may be brighter, especially if you have specific healthcare needs.
Take Advantage of Pre-Tax Retirement Plans
Some retirement plans employers offer will take funds out of your pre-tax income (your income before taxes are taken out). Pre-tax plans are great because they reduce your total taxable income, saving you money on tax payments while saving for retirement at the same time. Pre-tax retirement plans are typically 401(k) or traditional IRA plans but check with your employer about the type of plan offered.
Create a Living Will or Power of Attorney
Laws can be non-inclusive when it comes to the LGBTQ+ community, especially regarding healthcare and marriage. If something should happen to you or your partner where you are unable to communicate your healthcare wishes, such as a coma or brain injury, a living will or advance directive can help with this. A living will is a binding legal document that gives your wishes for medical treatments and healthcare if you cannot consent in person. Most states, including California, allow same-sex married partners to make medical decisions for each other. Still, you can also designate your partner to have a power of attorney to be sure. A power of attorney allows your partner (or someone else you trust) to decide on your private or business affairs if you cannot. You can also act as your partner’s representative if they grant you a power of attorney.
Plan Your Estate
Hopefully, you and your partner will enjoy a long and healthy retirement. However, a day will come when you will pass away. Planning your estate can help designate beneficiaries to your finances, properties, or other assets. You can also decide on your funeral plans and other estate planning affairs—if you and your partner wish to be buried together, this is where you plan for that. An estate planning attorney is great for this, especially as an LGBTQ+ person. Having your wishes legally binding can eliminate any confusion.
Establish Your Goals
Retirement looks different to everyone. Some may wish to work a little to keep a routine going. Others may never want to work and permanently vacation in another country. Some may want to stay where they are. You can also live a nomadic lifestyle. If your goal is to stay in Los Angeles, make sure you know where you’ll live, what you’ll do, and if you’ll have the funds to do it. If you’ll be retiring alongside a partner, ensure you’re both on board for your goals.
Senior and LGBTQ Healthcare
Older adults typically require more healthcare than their younger counterparts, even for preventative care. Establish a healthcare plan, facility, and team to support your lifestyle, goals, and needs as an LGBTQ+ and older adult. Transgender or gender-nonconforming people may require hormone therapy, surgery, or other gender-affirming care. Some may also need preventative or management care for HIV. Older adults can experience more mental health symptoms than before, so you should ensure your care plan includes this. No healthcare provider, facility, or community should ban, discriminate, or shame you as an LGBTQ+ person.
Research Retirement Communities
Many retirement homes for seniors are available, from independent living communities to nursing homes. As a member of the LGBTQ+ community, you will want to choose a high-quality community that understands and supports your needs as an LGBTQ+ older adult. For example, transgender seniors may require specific healthcare plans for hormone replacement, reproductive care, and more. You’ll also want a community that supports and promotes your identity for harmony and happiness during your retirement years.
Outside of these parameters, you will also want to ensure a community will protect your rights as a resident and provide adequate care. While many senior communities in Los Angeles are thriving, there have been reports and cases of elder abuse in some locations. Check the company and legal history for any community you’re considering, including reviews. If you need legal assistance due to abuse, you can hire a Los Angeles nursing home abuse and neglect lawyer.
Conclusion
Planning retirement can be tricky, especially as a member of the LGBTQ+ community, as healthcare needs and partnerships may be different than standardized older adult care. Fortunately, establishing a will, healthcare directives, and thoroughly vetting retirement communities can mitigate many issues when it comes to retiring as a member of the queer community. Establishing your retirement needs, plans, and goals as early as possible is also wise.
