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’m in my mid-60s and recently retired. I’ve saved well over the years and now need to start living off the assets I have accumulated. I’m not sure which accounts I should draw from first, and how that decision might impact my taxes. Can you please help?

Q: My partner and I are now married and trying to decide when to file for our Social Security benefits. I read there were recent changes to the rules for spouses. How will this potentially affect our filing options as a couple?

A: You are correct that the recent budget bill that was signed into law Nov. 2 did end two popular filing strategies available to married couples. While some people will be grandfathered into the old rules based on age, many will no longer have access to these spousal techniques. Here’s what you need to know.

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?”

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