LGBT Retirement

Same-Sex Couples Retirement

According to figures published by the US Census Bureau, there are 646,464 LGBT households in the United States. However, most of these households constitute of couples who are not legally married. More specifically, a study carried out by the Pew Research Center found that there have only been about 71,165 same-sex marriages since 2004. This is largely because the Defense of Marriage Act (DOMA) that prohibited federal recognition of same-sex marriages for many years. Because of this same-sex couples face significant disadvantages in retirement.

Gay Couples and Financial Challenges

gay couple at sunsetAlthough the US is arguably one of the most progressive nations in the world, gay couples face substantial financial difficulties, despite the Supreme Court striking down the DOMA provision that made it impossible for same-sex couples to access federal benefits. A study carried out by the Williams Institute at the UCLA School of Law found several disturbing findings in regards to LGBT and retirement funds.

  • Older same-sex couples tend to earn less from retirement plans compared to different sex couples.
  • Female same-sex couples over 65 earn 20% less income compared to different sex couples in the same age bracket.
  • Male same-sex couples earn less compared to different sex couples.
  • Only 50% of female same-sex couples can access employer-sponsored retirement plans. In comparison, 56% of heterosexual couples are eligible for employer-sponsored retirement plans.
  • Up to 79% of male same-sex couples can access employer-sponsored retirement plans.
  • The Federal Reserve’s Survey of Consumer Finances found that the median retirement savings for same-sex couples is $66,000. In comparison, different sex couples have median retirement savings of $88,000.

Michael Adams, executive director of SAGE, an organization that champions the rights of LGBT seniors, sums up the predicament facing LGBT retirees by saying “there has been little regard for even the existence of LGBT older people, let alone their particular social and financial needs.”

LGBT and Gold Investing for Retirement

In spite of the challenges described above, successful gay couples retirement planning is possible. One of the ways gay couples can achieve financial freedom in retirement is by investing in gold. Unlike other precious metals, gold is one of the best long-term investment options. It tends to retain its value when the value of other assets like bonds and stocks fall — usually during times of economic and political turmoil. Moreover, it is a popular portfolio risk diversifier.

historical gold price

With this in mind, LBGT couples should invest in gold IRA. Since many employer-sponsored retirement plans do not allow members to invest in precious metals, it is advisable to open a new account at a brokerage that allows these investments. Financial experts call this process IRA rollover. It is a straightforward process involving you, your employer, and the trustee of your new IRA account. Nevertheless, you have to inform your employer that you would like to transfer your retirement savings to a new individual retirement account. After this, the standard practice is to carry out a trustee-to-trustee transfer of funds. In simple words, this involves transferring funds from the account of your employer to the new account you have opened. This approach has one major advantage: you avoid paying hefty IRS penalties. With the money in your new IRA, you can proceed to invest in gold.

At this point, it is worth noting that there are multiple ways of investing in gold. Firstly, you can buy gold coins such as American Eagle, Canadian Maple Leaf, Australian Kangaroo, and South African Krugerrand. Secondly, you could buy gold bars, which range in size from one gram to 400 troy ounces. Thirdly, you could buy stocks of gold mining companies. Fourthly, you could invest in ETFs that track the price of gold. Fifthly, you could invest in gold options and futures contracts. In general, investment options range from physical ownership to indirect ownership of gold. Of course, it is up to you and your partner to choose an investment approach that suits your retirement goals.

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The financial challenges facing gay couples are quite huge despite the Supreme Court’s ruling legalizing same-sex marriages in the eyes of the federal government. Same-sex couples earn less from retirement plans compared to heterosexual couples. The good news is such you and your partner can improve your chances of financial freedom in retirement by diversifying and including a gold investing in your retirement portfolio.

Reasons to Invest in Gold

lesbian sunsetAre you troubled with the question of “why invest in gold?” or are you an investor thinking of investing in gold? Gold has been regarded as one of the safest ways of guaranteeing an individual’s wealth. Although the value of gold has reduced over the past years, financial analysts and investment advisers still view gold as a way of diversifying and securing an investment portfolio.

  • Gold has unique features as an asset class. A good mix of gold in the rest of the investment can protect and enhance the performance of an investor’s portfolio. For example, a 5-6% allocation is optimal for investors holding a balanced investment portfolio. Other well-planned allocations have been proven to offer the best insurance to investors.
  • Retail buyers on the other hand have continued to embrace investment in gold. For example, investment in physical gold during 2013 rose by 36 percent compared to 2012. Even as investment in gold continues to grow over time, investment in gold account for less than one percent of the total asset allocations.
  • Gold provides a solid, tangible and long-term store of value, which is why many investors are attracted to gold. As an investment option, gold can be integrated in portfolios to provide protection to global purchasing power, minimize portfolio volatility and reduce losses that come with market shocks.
  • Gold can be used as a liquid and high-quality asset compared to other types of investment assets. Central banks, which are the caretakers of long-term investment portfolios, have consistently used gold to minimize portfolio risks, making them the net buyers of physical gold for many years.
  • The other reason why investors should think of gold is its accessibility. There is a range of gold products that investors can integrate into their portfolios. This means there are different ways to invest in gold. Therefore, the diversity of gold-backed products and other products that are related to gold has meant that investors can use gold to widen their investment strategies and reduce the amount if risks. Lack of correlation between gold and other investment assets can be used to hedge against currency risks and serve as a portfolio diversification strategy.

That said, it is critically important for investors to make sound investment decisions when it comes to including gold in their investment portfolios. A good selection of the gold product in which to invest and a reputable company can be instrumental in advising you on how to invest in gold and secure your future investment.

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Buy gold

As they say, every time is the best time to buy gold. As world economy stagnates, the weakness of the dollar is evident. This makes gold the only tangible asset that can store value for an investor’s investment and savings.

Currently Regal Assets is the most trusted gold custodian of physical gold and gold IRA rollovers. With the highest ratings from all three major ranking companies, the BBB, Trustlink and the BCA, Regal has also been featured in Forbes, Market Watch, Smart Money, Hollywood Reporter, Reuters, and The Street, Hollywood and has been ranked by Inc. Magazine in the top 500 List at number 20 of the nation’s fastest-growing private companies.

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