Canal Street Online Manchester

Retirement and financial advice from Equality Wealth Management

LGBTIs are not alone in not planning adequately for retirement – it’s something that much of the population prefer to ‘think about later’. LGBTIs do however have some additional issues to consider. Many of us grew up in a time when we could not have imagined the open lifestyle that’s possible today. Indeed, many of the LGBTIs who will retire over the next couple of decades will probably have spent a number of years ‘in the closet’ and will not have thought about a ‘gay retirement’

We at Equality Wealth have recently conducted a major survey and will use the reults to update you via our brand new blog here on Canal St Online in areas of your retirement, your Pensions and other important issues relating to your finances, both at present and crucially in the future.

Click here for our comprehensive, simple to follow guide to your retirement.

Property Purchase for the Gay Community. Make your dreams come true but make sure you get it covered? Tick list below..

Buying a property should be about making our dreams come true, whether buying our first single pad, a home with a partner, or a ‘beach property’ for holidays or retirement.

For LGBTs, things have changed considerably in recent years. Many of us now benefit from equal marriage, potentially allowing us more security when buying a property with a partner.  However, increasing the chances of making our dream come true depends crucially on defining, budgeting and taking steps as early as possible to make sensible preparations.  

For example, many LGBTs do not have children and may be in a position to build savings from monthly earnings, potentially allowing them to consider buying a 'fun property’, such as a holiday home in the sun or that dream pad for an early retirement.

Many LGBTs are keen to live in bigger cities, like Manchester, to be part of vibrant Gay communities. To do that, we may face some challenges as such locations can be relatively more expensive, especially City Centre Locations.

Older LGBTs may have bought property in a time when they didn’t feel comfortable being open and didn’t have legal protections available. As a result, they may be at risk of not having their partner properly protected.

Buying a property is a big step and there are many things to consider. It’s easy to get carried away with the excitement of a new home and not think about practicalities.

Obviously, the location of your property is an important consideration. But so is getting the correct mortgage for your circumstances, and you need to make sure your partner has legal and insurance protection.

LGBTs can easily overlook some of this. Often, an LGBT specialist can provide helpful advice, based on really understanding your circumstances.

Here are some tips for LGBTs buying property:

1 Location, location, location

They say the three most important things when buying a property are 'location, location, location’.

For LGBTs, this can be extra important, as many of us would like to be part a vibrant 'gay community’. Even if there is no 'gay scene’, we certainly want to be in areas where we can truly be ourselves.

Older LGBTs may not have lived an open life when younger and they may therefore find it extra important to live such an open life later in life and buy or retire in a location where this is possible.

2 The potential extra cost for LGBTs

Sadly, location costs and many locations desirable for LGBTs can be more expensive. So it’s important to start saving early for a deposit on that dream  home. Recent research showed that on average, locations chosen by LGBTs for property purchase in retirement are more than 20% more expensive than the average.

3 Finding the right mortgage

Getting a mortgage on your property is a very important part of the property purchase process. It’s easy to get carried away with the excitement of a new home and fail to carefully select the right mortgage.

For LGBTs, this is especially important as the majority of us are still not legally partnered or married. So it’s important the mortgage is structured in the right way for us.

Equality Wealth has a specialist LGBT mortgage desk. LGBTs thinking about a mortgage can get a free consultation on mortgages by clicking here.

4 Insurance

Insurance protection is important when buying a home, especially where a mortgage is involved.

You need to make sure you and your partner have adequate protection.

Again, for LGBTs, it is important to ensure the cover is right. Make sure it protects both of you, whether or not you are legally partnered. You may also want to protect your fabulous possessions!

5 Who owns the property?

The way you structure the ownership of the property is also very important.

In the past, many LGBTs with a partner had the property in only one name. That meant the not-named partner had little or no protection.

Even today, many of us are not in legal partnerships. So it’s essential we get this right!

You should make sure the ownership structure of the property is discussed and agreed with your partner. Then you need to speak with your solicitor and ensure this is reflected in the property deeds.

Finally, you should have clear and legally valid wills in place to underpin this, should you or your partner die.

This can be a complex area and it’s important to get the correct advice from someone who understands your situation and wishes.

6 Second property traps

Many LGBT have the opportunity to purchase a second property.

You may buy it to let as an investment or perhaps you plan to use it for holiday or retirement purposes.

Taxation of second homes can be complicated, especially for those not in a legal partnership and where the property is rented out (buy-to-let). Again, it’s very important to get specialist advice.

7 Buying a home abroad

For LGBTs buying property overseas, there are some additional considerations.

You should remember many countries do not have the same protections for LGBTs. Even if you’re married or in a registered partnership in your own country, you can’t assume you are equally protected 'abroad’.

When buying abroad, it’s even more important to get correct and up-to-date advice.

8 Is your current property protected?

If you already own a property, don’t assume everything is sorted. You still have an opportunity to double-check that your affairs are structured correctly.

This can be especially important for older LGBTs and those who purchased their property when LGBT registered partnerships and marriage were not available.

About Equality Wealth

At the end of last year, we announced the launch of a property search portal to help LGBTs find properties suitable to them. Click link below.

At the same time, Equality Wealth launched a specialist LGBT Mortgage Desk. At Equality Wealth, we want to ensure LGBTs have access to understanding advice when buying a property or choosing a mortgage. And we want to give you access to lenders and insurers certified as LGBT-friendly.

In Manchester and the North West, specialist advice for the LGBT Community is offered by Kath Wilkinson. If you’d like to talk to Kath, click link below.

With the launch of the specialist mortgage desk, Equality Wealth is also offering a free specialist LGBT mortgage consultation. This is available to those planning a property purchase or who have previously purchased property and would like a review of their current arrangements, for example in connection with an upcoming mortgage renewal.

Click here for specialist help

Published on - Wed, 10 Jan 2018

A New Year Resolution to live your dreams? Maybe 2018 is the time to get your affairs in order.

Christmas and the New Year is the time of year when many of us think about the future. 

For many of us that may mean thinking about our New Years Resolutions and also maybe thinking about the time when we don’t need to go back to work after the New Year!
Many LGBT people have not really planned for retirement and retirement does not have too mean just getting old - it can also mean living our dreams.

That can be a place in the Country, retiring to the sun or even permanently living it up in Gran Canaria! If one of your new years resolutions is to think about finally living your dreams -
Equality Wealth is offering a free consultation on planning for your future or retirement.
To book a New Years consultation and/or get our free retirement guide to planning for your dreams - click here

Published on - Thu, 07 Dec 2017

Living your Gay dreams in retirement!

As Gay people, we are often told that we are understood to have higher disposable income as many of us do not have children and are more likely to have  moved to bigger Cities like Manchester to experience
a more open ‘gay lifestyle’. We may also have the opportunity to live our retirement dream, be it a place on the beach in the sun or a cool pad in the City. However, many of us have not planned adequately for retirement and may find the opposite to be true.

Gay people are not alone in not planning adequately for retirement – it’s something that much of the population prefer to ‘think about later’. As gay people, we do however have some additional issues to consider. Many of us grew up in a time when we could not have imagined the open lifestyle that’s possible today. Indeed, many of the LGBTIs who will retire over the next couple of decades will probably have spent a number of years ‘in the closet’ and will not have thought about a ‘gay retirement. Many will also have lived through an era where HIV/AIDS had a big impact on how we thought about the future. As such, for many, retirement planning may be starting later in life and require much more attention. Additionally, now that we have achieved a lifestyle we like, the last thing we want to do is go back to living in a location where we don’t have access to a vibrant LGBT Community, with the implication that we likely wish to spend our retirement in a location with a relatively higher cost of living.

So what issues should we be thinking about as we move closer to retirement?
The first thing to consider is what you would like your retirement to be for you.
Based on this goal, you can then work out what this is likely to cost and what you are likely to need to fund. The following are some considerations when thinking about retirement:
1. It’s important to think about where you wish to retire to. Many LGBTI people would like to retire to a location that has a vibrant LGBTI Community and it is important not to feel isolated in retirement. Such locations can potentially be more expensive and it’s worth researching the cost implications in some detail. For those thinking of retiring overseas, it’s also worth checking the legal status for LGBTIs in the location you’d like to live in.

2. When would you like to retire? Without children, many LGBTIs may be able to consider retiring earlier, though starting planning later in life will make this less
achievable. In the UK, the earliest you can now take money out of your pension is at age 55, although there may be penalties in doing so. Taking advice on this would be prudent.
3. What do you want to do when you retire?
4. How much will it cost you to retire to where you want and have enough money to do what you want to do? Remember to take income tax and inflation into account.
Once you have worked this out, you can review your current situation and plan how you could be prepared for that ‘gay retirement’.

If this sounds interesting and you’d like to find out more, we’re working with Equality Wealth (the LGBT specialist) to host some free LGBT retirement seminars.

These will be run in Manchester in conjunction with Kath Wilkinson, our local LGBT retirement expert.

Meet the team:
Kath Wilkinson is proud to be launching the first specialist LGBT Financial Planning operation in Manchester and the North West in partnership with Equality Wealth. Kath will be using her experience and struggles in coming out to support others in the LGBT Community with a focus on helping LGBT people plan for their future and retirement in a safe and confidential space.

Published on - Thu, 02 Nov 2017