Financial Planning

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For many LGBT baby boomers, decades of workplace discrimination impaired their earning power. The AIDS crisis caused lasting financial and psychological damage, particularly for gay men. And legal pitfalls within Social Security, the cornerstone in any senior’s financial planning, have left gay boomers ill-equipped for retirement.

Gay and lesbian individuals are less prepared financially for retirement than their straight counterparts, according to an exclusive analysis by The Associated Press-NORC Center for Public Affairs Research. LGBT adults are likely to have less in retirement savings and have less access to Social Security benefits from spouses.

The lack of clarity on what the future may hold is compounded by the fact that unlike their heterosexual peers, LGBT seniors often lack traditional family support systems, which heightens their need to create long-term plans for their future… Most of these individuals will derive no benefit from the new marriage equality rules, as many do not have a legal spouse present to execute their end-of-life plans….

NEW YORK — After celebrating the Supreme Court’s historic rulings on gay marriage last week, it’s time for same-sex married couples to sit down and go over their finances.

Personal finance expert Suze Orman says that the Defense of Marriage Act (DOMA), which bars the federal government from recognizing legal same-sex marriages, imposes steep financial penalties on gay and lesbian couples.

Morgan Stanley has announced the launch of an LGBT initiative to provide its financial advisors with wealth planning tools, business development and marketing resources designed specifically for LGBT prospects and clients.