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: 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?
Q: I contribute to a retirement plan at work. Within the plan, I can allocate some of my contributions to my company’s own stock. Is that a wise move?
A: Thanks for your question. Many publicly traded companies today offer their own stock as an investment option in their employee-retirement plans. Here are a few things to consider which may help you answer your question.
Q: I’ve recently retired and will be using money from my various investment accounts to pay my expenses going forward. I have IRAs, a 401(K) and brokerage accounts. How do I know where to take money from and what it will mean for me tax-wise?
Q: My advisor talks about how my accounts are doing compared to the “benchmark,” but I’m not really sure I understand what that means. Can you please help explain this?
A: Thanks for the question. It’s good to use benchmarks to track your investments over time. I’m sure your advisor would be able to explain this to you as well, but I’m more than happy to help you get started.
Q: My partner and I are considering leaving money to some local LGBT charities by naming them as beneficiaries on our life insurance, since we don’t really need the insurance coverage anymore. Is this a good strategy?
Q: My partner and I were recently married and are beginning to discuss buying our first home in the coming year. What information do we need to know to make this a thoughtful and hopefully enjoyable experience?
A: First, congratulations on your recent marriage and for preparing to take this next exciting step. For many people, buying their first home represents the biggest financial commitment they’ll ever make. Before making such an important decision, you should consider a variety of factors, starting with whether home ownership is right for you.
Q: My partner and I are in our mid-40s. We know we should probably have wills and other documents prepared, but we just keep putting it off. Is it really that important?
Q: I recently inherited some money and would like to use it as a long-term investment, but I’m not sure when the right time would be to invest the money. I guess I’m worried that I might put all the money into the stock market at the wrong time.
Q: My spouse and I believe we need to start to plan for retirement. We’re still “young” from a retirement standpoint (early 50s), but we want to make sure we’re planning ahead. Can you please offer us some thoughts to help us get started?
