Out Money by Jeremy R. Gussick

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 just found out that I will be inheriting some substantial money from my father’s estate. I’m fairly young, earn a good income, have some credit-card debt and a mortgage. I guess I’m not sure what I should/should not do with the inheritance. Can you help?

A: From my experience helping people manage an inheritance, the best first step is often to take a deep breath and do nothing right away. There’s typically no need to rush into making any quick decisions; better to let your windfall sit for a bit, which will afford you time to create a thoughtful strategy.

Q: My partner and I are approaching traditional retirement ages. We can probably afford to retire, but we are thinking we may want to continue to work, at least part-time, for the foreseeable future. We’re just not sure we’re ready to stop earning yet. Are others behaving this way or is it just us?

Q: I’m in my mid-60s, retired a few years back. I’ve been trying to manage my own retirement investments, but I just can’t seem to get it right. Each time I buy/sell a stock, it often seems to do the opposite of what I expect. Any suggestions for this “do-it-yourselfer?”

Q: I’m strongly considering opening my own business, but I’m not sure how much it will cost to get things up and running in the beginning, as well as how to manage ongoing financial needs. Can you offer any guidance on financing options?

Q: I’m in my early 20s and just starting to invest into retirement accounts. I’m thinking I can afford to be more aggressive since I’m relatively young. How do I determine how much I should invest in stocks vs. bonds in my plans?

A: This is a great question for any investors, whether you’re in your 20s or living in retirement. Getting your investment mix correct, and keeping it that way over time, is key to your investment process.

Q: I’m a single gay man in my early 30s. My income is pretty stable and I’m wondering how much money I should be saving toward my future retirement. Do you have some way I can estimate if my current savings plan will be adequate?

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