— Harvey Milk (1978)
BMO Financial Group organized a panel to discuss various financial and cultural issues facing the LGBTQ community in honour of Pride Week in Toronto. An important read for those who want to ensure that they can live comfortably into old age, although this particular organization is specific to Canada and may differ from country to country.
Estate planning - Some members of the community are estranged from the rest of their family. Many do not have an extended family or children. - As a result, there becomes an issue around estate planning - how do you figure out who you are going to leave money to? If you don’t have family, do you leave your estate to an institution?
Care giving - Those who have a partner will likely rely on them for old-age care, the community faces the unique challenge of who is going to care for them as they age - as many do not have children and may be estranged from their extended family. - The community needs to think of alternative options for receiving old- age care in retirement - money may need to be set aside for additional care, such as, for a nurse or a nursing home.
Ensure a proper will is in place. - Even if you have no spouse or dependants, you should have a will. Dying without a valid will means the court will decide on a personal representative for you and the provincial succession laws will dictate whom your estate goes to. - Common-law partners should not assume they will be entitled to their partner’s estate at the time of death because the rules differ by jurisdiction.
Housing/Retirement Living - Alternative options for things like retirement housing or care giving can be more expensive and can add as much as $50,000 in annual costs to retirement plans. - Many people in the community face the challenge of finding a place to live in retirement that supports the fact they are gay and where they can live comfortably. - It is important that they address this pre-retirement and ensure they have a big enough support network and have saved enough money to live somewhere they will feel comfortable.
(Read more here)
Hopefully, in time, there will not be so many concerns about the community facing challenges like “finding a place to lie in retirement that supports the fact that they are gay and where they can live comfortably” but in the meantime, it is always good to prepare for such instances.
Love you all!