Being a senior and ageing with Pride in the LGBTQ community can be a real challenge. Even within our own community it’s not uncommon to hear the derogatory “old queen” term freely tossed around without consideration for our seniors. Media rarely shows older LGBTQ members. A note to younger members of the community, that old queen you disparaged probably marched so you can now be open and honest about who you are at work, school, in the military, and to just live your best life. That old queen is definitely why the younger generation has PrEP and access to LGBTQ-friendly healthcare. And the really big one, why you have the right to marry the person of your choosing and be afforded equal protection under the law. Let’s dive into some of the issues that older LGBTQ Americans face.
According to the nonprofit group, SAGE, a national advocacy group for LGBTQ elders, those of us in the LGBTQ community are four times less likely to have children. We are also twice as likely to end up single and living alone as we age. And, nearly half fear we will outlive our savings. This presents some challenging issues for LGBTQ seniors. One issue, is that older members of the community tend to be poorer than their heterosexual counterparts. This is due in part to not having had access to higher-paying jobs and long careers because of discrimination. Remember, there are still 27 states with no protections for LGBTQ individuals with regard to employment, housing, and public accommodation.
LGBTQ seniors are now near retirement or ageing into retirement and feel unprepared and concerned about enough savings and income to carry them through retirement. Remember, many faced decades of overt discrimination and had no rights to heirship from partners. This created mistrust of financial institutions, government agencies, private businesses, and possible estrangement from family. It is much better for those of us just behind this wave of retirees because of their activism. Many seniors have lots of ground to make up in a short amount of time, but there are things seniors can do.
First, get yourself a financial check-up with a fee-only, LGBTQ friendly adviser. You need to understand what assets and resources you really have or are entitled to. There are many resources for you to search out a gay friendly adviser these days. Try the Certified Financial Planner board of standard’s letsmakeaplan.org, or the National Association of Personal Financial Advisors (NAPFA), or the XY Planning Network (fair disclosure, I am a CFP® in good standing, and a NAPFA and XYPN member). As an LGBTQ community member, I can relate.
Get social! Look at groups and organizations that fit your interests. Being social is vital to emotional and physical health. Sitting, and loneliness are the new smoking! There are lots of ways to engage with your community and outside of your community to expand your social circle. Times really have changed and as a LGBTQ senior your experiences and contributions are welcome. Go to your local LGBTQ center, the local food bank, library, try MeetUp, or even the local senior center. Being social can be good for your mental, physical, and financial health. Singles can find shopping buddies to split costs on monthly services, groceries, even meals and travel. I am a member of my local Rotary club and serve as co-chair of our club’s new Diversity, Equity & Inclusion committee. I wouldn’t have been welcome as a member in years past and Rotary certainly didn’t have a DEI committee. We are making progress!
Get what you deserve. Don’t be shy about reaching out for aid if you need it. If you are a senior living on fixed income and have some savings and investments, it doesn’t mean that you cannot qualify for other assistance. Be sure to always ask for your senior discount, shop on senior days, and be vigilant about making sure you get those discounts and special offers. Don’t forget agencies like AARP and 211.org. You may not have known about 211.org but they help with all sorts of services and assistance from utilities, to housing, to disaster recovery. Just dial 211 to learn more.
If you are finding a need for cash and you are still healthy and active, consider working. Your former skills and knowledge are valuable. If you are uncertain about current technology, take a quick course at a senior center, or online to learn about new technologies. You may have knowledge to offer that is not reliant on technology so don’t let that stop you. Working even a couple of days a week could bring in extra income and help reduce the draw on your savings and investments. As an added benefit, it will help keep you social and active.
Finally, get some estate planning in place; even if you are single. It doesn’t have to be complicated or expensive. You do need to determine which components you need such as a will, power of attorney, advance directive (invaluable), and possibly a trust. Think about who you are and what you want to happen in the final years of your life. If you take charge and make decisions now, you will have control over your care and final decisions. It will provide you with peace of mind knowing that your wishes are being carried out and not those of a family member you may not like, or worse, the state where you live.
Taking just a few steps to make yourself and your finances a bit healthier can have a tremendous positive impact on your life. You’ll be ageing with Pride in no time! As an independent Certified Financial Planner™, I can help you prepare for your new financial life. No matter where you are in life, a CFP® professional can help you create a financial plan for today and tomorrow. Contact me and let’s get started! #talktometuesday #getstarted #HowIcanHelpYou #GetHelp #Hireaplanner #Pride #Pride2021 #CFPPro #savemoney #LGBTQ #QueerMoney