OutMoney covers a variety of financial planning issues that LGBT singles and couples may face throughout their lives. From paying off debt, to saving for retirement, to filing for Social Security and Medicare, OutMoney will help guide you to making educated, sound financial decisions. Readers can submit questions directly to PGN columnist and CERTIFIED FINANCIAL PLANNER™ Jeremy Gussick at This email address is being protected from spambots. You need JavaScript enabled to view it..
Q: I have contributed to a 529 Plan to help pay for the costs of college for my child. Did the new tax law change something about how I can use the 529 Plan?
A: Yes, with the Tax Cuts and Jobs Act of 2017, Section 529 plan savings may now be used for K-12 tuition as well as for higher education costs. Here’s what you need to know:
Q: My 401(k) investments have done very well in the past several years. But I’m worried if the stock market goes down, I would stand to lose more money than before. How can I make sure I’m not taking on too much risk?
Q: I’m in my mid 50s and think I may be able to retire relatively soon. What issues should I be considering to help me determine whether or not I can make this work?
Q: I’m a gay man in my 60s who is not even thinking about retirement. I just don’t know what else I would do with myself if I wasn’t working at least part-time and earning income. Do you hear this from others my age?
Q: I was reviewing my investments and noticed that many of them have done very well so far in 2017. Does it make sense for me to sell some of them before the end of the year?
Q: When I look over my investment statement, I see my stocks and mutual funds categorized by “cap” — large-cap, small-cap, etc. Can you please explain to me what that term means?
Q: My husband and I are planning to adopt a baby! As hopeful same-sex parents, we want to begin thinking about our short- and longer-term planning. Can you offer any thoughts to get us on the right path financially?
Q: My partner and I may wish to downsize and move to a smaller home when we retire. But we’re also very comfortable in our current home, even though it’s a bit large for our needs. How do we decide to stay or move into something smaller?
Q: My wife and I are looking to retire soon. We’ve always managed our own finances to this point, but think maybe we should seek guidance from a professional. Can you help us understand what to expect when working with an advisor?
Q: My partner and I were recently married and we have a young son. We think we should be looking to update our wills and beneficiary information on our retirement accounts, just in case. Any thoughts on where to start?
