A New Year, A New Financial You: 2026 Planning for LGBTQ+ Retirees & Families

Episode 84: Audio automatically transcribed by Sonix

Episode 84: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in. No matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.

Speaker1:
Hello and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your friend, your pal and your confidant. I really do appreciate you joining me, as always. I have to always say a big, hearty thank you. Um, and be kind of cheesy about it, because that's just the way that I go. Um, no, I really do appreciate you joining me each and every time we get together for, uh, the for the little show here. Um, it, I hope is something that you find really, um, you know, that you can take something away from it, you know, that that you, um, each time at least have just a little nugget of, of knowledge, of information that you can bring to your everyday life, and then maybe you're inspired to do something different for the future. And really, that is what today's show is all about. And the next show is all about. We've got, you know, holiday season in full swing and we're going to talk about the new year. I cannot believe it's almost 2026. And so, um, we're gonna get to that and some smart money moves, some retirement strategies for you to think about as we head into the new year.

Speaker1:
Momentarily, I do want to say a couple of things. One, always you can go to take pride in retirement comm. That's a very simple thing for you to do. Take pride in retirement comm. If you do go there, there are many things you can do. One of those things is get a free consultation. You can schedule a time right in my calendar. I would appreciate it if you did that. Uh, because I love working with folks one on one and helping you get clarity and really improve your personal financial situation. You know, here on the show, it's more general information that may or may not apply to you. Most of it probably will in some way, or at least you know someone who does. But if I sit down with you and talk about that individual situation, that's really what I love. That's where the bread is buttered, as they say, um, or if you're, I don't know, if you're keto, that's where the steak is buttered. I guess, you know, whatever. But if you're vegan, not so much. Uh, you don't really. You're not probably buttering too much stuff. Uh, if you're, uh, of the vegan persuasion guy, or maybe I don't know, is vegan. I have no idea.

Speaker1:
Anyway, uh, I digress. Go to the website. You can schedule that free consultation. You can also call 8552469211855246 9211 is that number as well. You can also on the website, uh, you'll find links to the YouTube to the socials, all the things there. And I would love it if you would subscribe to the YouTube channel. Like the video, please, please, please each and every week. Uh, also watch the shorts. We've got plenty of shorts up there as well. Spread the word and I appreciate you doing that if you're doing it already. And if not, why not do it? Or else. Or else I'll, uh, Just ask you again next time. Um, but no, I really do appreciate you being a part of the show, as always. Now, as I said, we're going to get to some New Year's resolutions and we're going to talk about a few different ones that are super important for LGBTQ+ folks, especially. But hey, even if you are not a member of the LGBTQ plus community, these can apply to you also. So we'll talk about those here in just a sec. Right now though, let's get some inspiration for our conversation, shall we? Let's do that with our quote of the week.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And the quote of the week. This time around comes from the one and only Oracle of Omaha, Mr. Warren Buffett, who said this. Do not save what is left after spending, but spend what is left after saving. Don't save what's left after spending, but spend what's left after saving. That like. Simple sort of mindset shift can be such a game changer in your financial life. And that's going to be actually part of the discussion today. So hey, talk about an appropriate quote of the week. It's almost like I planned it that way. Um, almost. But as we get ready to start 2026, the new year really brings new opportunities. You know, I was I was telling somebody this story the other day about my mother in law, God rest her soul, my husband's mom, who passed a few years ago. And, um, she said every year at the time of the calendar changing from one year to the next, she would say, I'm my New Year's resolution is to lose weight and be more organized. Those were her two things, and she did that every single year. I am, um, of that same sort of persuasion many times where I'm like, you know, I'll sort of make the same, uh, resolution in multiple years. Maybe not necessarily exactly the same one, but I know a lot of people who do that. And, you know, there's a reason that there's such a I almost think of it like the, uh, the New Year's resolution industry, right, where especially like gyms and weight loss and all that stuff is so prominent around the first of the year.

Speaker1:
And then you go to the gym in February and it's basically empty. So people kind of fall off the wagon. So what I wanted to kind of do here is take a look at some New Year's resolutions that are actionable and that you can hopefully stick to, um, past, you know, the month of January in 2026. And so the new opportunity comes with the new year. And for LGBTQ+ folks, it's so important, um, to really get that renewed sense of Termination when the new year begins to build, that financial security that you might have have lacked in the past, or, hey, even in the present, you know, we haven't always been given equal access to things. And people might say, oh, well, you know, now there's marriage equality and there's this, that or the other. Well, yeah, but that wasn't always that way. So many of us are having to play catch up because of those things. And so, you know, there's been there have been wage gaps, employment discrimination, caregiving for your chosen family. Perhaps that's a very common thing in the LGBTQ plus community, delayed wealth building opportunities, whatever the case may be, make 2026 a turning point. Make it just a point of your resolve as you resolve to to turn over a new leaf in the new year, to change some things. And so let's talk about some things that can change as we go down a few resolutions here.

Speaker1:
Number one is to refresh and reset your financial goals for 2026 with your reality in mind. Right. Because no two people are the same. That's definitely true in a diverse community like LGBTQ plus the LGBTQ plus community. And so one of the things that I like to kind of measure my goals by is are they Smart goals? And Smart is actually an acronym. Feel free to write this down. If you would like Smart, you probably you may have heard this before, but smart S.m.a.r.t. So the S stands for specific. The M stands for measurable. A is achievable, R is relevant, and T is time bound. So make sure you're not just saying, oh I want to save more money this year. You know, oh I want to invest more this year, whatever that looks like for you. Don't just say that. Say instead of I want to save more, Say something to the effect of, I'm going to save $12,000 this year by putting $1,000 per month into my retirement account, or whatever type of account it may be. So be more specific about it. Right. That's the specific part. Measurable. Again, that's measurable. Are you meeting that $1,000 a month goal. That's something that you can measure achievable. Is that $12,000 a year or $1,000 a month goal. Is that achievable for you if not 500, if not 100? Whatever goal it is that you set for yourself, make it achievable so that you are.

Speaker1:
It's something that you don't feel like. You know what? If you don't meet the goal, but when you if you're more likely to meet it and you actually do meet that goal, boy, that feels great. And then the next year you can up the game just a little bit, right? You can you can set that goal a little bit higher. Um, and then you know, is achievable is something might be and as measurable and specific as as it might be. Is it relevant? Right. Like, you know, your financial goals shouldn't be. I am going to, uh, drink three cups of coffee every day for the rest of my life. No, that's not, you know, that's specific. It's measurable. I'm sure it's achievable, but it's not relevant to your finances. So go and set a goal that is relevant to your finances. A goal for a specific amount of savings. That is a relevant goal. Even a goal that says I'm going to in this year by by X date, I am going to make sure that I have a life insurance policy in place, or that I have a will in place, or whatever it might be. That may not be that $1,000 a month going into your savings or into your investments or your retirement account, whatever that that case may be. But that's still that's a relevant thing. And also you got to make it time bound, right? Saving $12,000 this year by putting $1,000 a month into whatever account that is time bound.

Speaker1:
You've got that monthly deadline ongoing and then that $12,000, uh, goal, then by the end of the year. And so, whatever the case might be, like, say, you know, that just talked about life insurance. I want to have by April 15th, by tax day, I want to have life insurance in place. Great. It's time bound. So you've set yourself a goal. Write those goals down as well. And those are some good, uh, things to keep in mind as you refresh and reset your financial goals for 2026. Another one, resolution number two, is to rebuild that budget after the holidays. Rebuild your budget after the holidays. You know, a lot of us in the LGBTQ plus community support chosen family, aging parents, younger people who are in need, who are also part of the community. Maybe you spend more during the holidays as a result of doing a lot of taking care of people. And so review your 2025 spending your habits. Identify any patterns that are tied to the different activities that you do, the different obligations that you have. And, you know, also look at things like lifestyle creep or um, you know, things like that. Like, are you living above and beyond what you actually can afford because of I really have to go to Bora Bora every year for a month or, you know, something like that. Like it's not like, no, you kind of don't unless it's something for your, your job or a relative that you're taking care of.

Speaker1:
And then that's part of the whole caregiving thing, you know. So it's it's it's a balance. It's all got to come out in the wash and it's all going to be balanced. Um, the 50 3020 rule is something that's good when you're looking at a budget and, and obviously talking about this As a financial advisor, you expect me to say, shame on you if you don't have a budget? No, it's. Look, it's it's difficult. It's not. Or it can be difficult. I try to make it as easy as possible, but it's not the most fun thing in the world, um, to sit down and budget. Unless you just happen to be that kind of person who loves to budget and crunch numbers and all of that stuff. Most people don't. And so that's why budget is sort of looked at like a four letter word, right? But one way to kind of simplify the budgeting process is to think about it as a 50, 30, 20 kind of a thing, the 50, 30, 20 sort of rule or guideline. So that is 50% for your needs. The things you gotta have the roof over your head, the transportation to get around, uh, the food to eat, the water to drink, all that stuff, the things that, you know, clothes on your back, the things that you absolutely need. Right. 50% for that, 30% for your wants. Like, you know, you got to have food, right? But you don't necessarily have to have the filet mignon, but it's nice every once in a while.

Speaker1:
So there you go. Get yourself, um, you know, a nicer cut of meat one day. I don't know why I'm talking about beef so much today. Maybe that is my body's trying to tell me something, or my mind is trying to tell me something. But if you were to, um, maybe, you know, treat yourself every once in a while with something nicer, or instead of going to Bora Bora for a month, go to a beach closer to home. Uh, you know, for a week, that kind of a thing. That would be a want and not necessarily a need. And then so that's another 30%. So we've got 50% and 30% covered. So that's 80% total. The other 20% goes to savings and debt repayment. Do you have student loans. Do you have stuff that you've had to pay for out of pocket healthcare wise? Do you have credit card debt? All of that stuff. 20% of the budget goes there and you'll make a big dent. You'll be surprised at how big of a dent you can make in your debt, and how much of a difference you can make in your overall finances if you do that, and if you want help with anything that we talk about here on the show today, by the way, go to take pride in retirement comm, take pride in retirement comm.

Speaker1:
That is the website for the show. Go there. You can schedule a consultation. It's absolutely free of any cost or any obligation. All right. So you can schedule yourself right there in the, uh, app or in my calendar app. My calendly. Uh, you can do that right via the website link right there on the home page on the upper right. Or, uh, you can give me a call 855246 9211 (855) 246-9211. All right. So you're looking at a couple of resolutions we've covered already. Refreshing and resetting your financial goals for the New Year. Rebuilding your budget after the holidays. That was number two. We got three more to go here. Number three is automate your savings even. Or really, I should say, especially if you got a late start. Because if you don't have that habit sort of already built in, new habits are hard to establish, right? Old habits are hard to break. New habits are hard to establish, especially the older we get. And so if you automate your savings and I was actually I was talking to somebody else this week who says, you know, I have a certain amount that goes into one account and I know that's going into my emergency fund, and it just happens. My direct deposit, that amount of it goes into such and such account. And I know that's for my emergency fund. Another portion of it goes here, another portion of it goes there. And so if you want to set up that sort of automated system that you don't have to think about, because the more likely that or the more, um, I should say the more automated things are, the less we have to think about them and actually make the effort to go and do them.

Speaker1:
The more that is the case, the more likely we are to actually stick to it. The less we have to think about it, the easier it becomes. And so, you know, if your employer or, uh, you know, or domestic offers domestic partner benefits or your employer offers, um, robust benefits to begin with, make sure that you are taking part in that HSA and FSA, make sure that you get those contributions. If your employer does put into those, make sure that is maxed out and taken advantage of. Also, speaking of maxing out and your employer, if they offer a match to your 401 K contribution, make sure you max that out if you, you know, are contributing 6% to your, uh. Retirement account. Your 401 K through work and your employer matches up to 10%. And that's not generally how high it is, but just for illustrative purposes here, illustrative purposes. As I say at the beginning of the show, um, if you are not contributing enough to take advantage of the full amount, whatever that amount may be, whether it's, you know, 6%, but the employer matches up to ten, whatever it might be. You're telling me you don't like free money, and I don't believe that for a second.

Speaker1:
So take advantage of that full employer match. Literally, it's free money that your employer is putting into your future, to your, um, financial future for your retirement. No longer do they give a pension. Probably odds are, but they do at least match the 401 K most of the time. Resolution number four is to strengthen your emergency fund. I mentioned this briefly a minute ago. I'll mention it briefly here again. Lgbtq plus folks are statistically more likely to face job instability or unplanned moves. Um, we've seen that, you know, in study after study over the years. I've seen it anecdotally in my life that LGBTQ plus folks are statistically more likely to face job instability or unplanned moves. So if you build an emergency fund and even it can just be like, hey, 25 bucks, 50 bucks a month, like you don't have to do it all at once, right? Because then you're being left in the lurch anyway. And if you've got the money to to build it all at once, then you already have an emergency fund. You just haven't designated it as your emergency fund. So if you've got enough, do that. How much is enough? You might say, well, 3 to 6 months of expenses is the general rule. As close to six as you can get would be ideal. So if the HVAC goes or if you know there's some big emergency at home. The car breaks down and whatever it is, it's out of warranty or it's going to cost an arm and a leg and the insurance isn't going to cover whatever.

Speaker1:
Like so many different things can happen and will happen inevitably because, hey, it's life. So 3 to 6 months of expenses. And that's to say, oh, well, if I, if the, you know, something happens and I were to lose a job or whatever, I've got my basic expenses covered. And that's those essentials, right. That I was talking about the housing, the food, the all the things. And also, you know, use high yield savings options because rates are still elevated. You know, the fed has cut interest rates um, a few times now a handful of times. But rates are still historically elevated and higher than what they were certainly for, you know, the previous ten years since they started increasing rates. And so what you need to do is take advantage of those high yield savings options or we can look at other options for you if you go to take pride in retirement. Schedule that free consultation. And yeah, in case I didn't mention it before, it's absolutely free. No cost, no obligation. You just get a deep dive into your finances and I'll be glad to do that for you free of charge. Number five is the last one here. And it is to refresh your estate plan. And good lord, that's a must for LGBTQ+ folks, because estate planning gets to be more complex when you are not necessarily in a good place with biological family.

Speaker1:
It just takes more planning. Um, and if you are in a good place with biological family, great. I have been blessed with a wonderful biological family who loves me and would never disown me or or anything like that. I realize that it's not the case for everyone, especially in the LGBTQ+ community. And so what I want to say about that is that it's so important for you to update those beneficiaries, you know, especially if those family relationships are strained or your chosen family plays a central, central role there. You know, otherwise your assets may just default to your next of kin. And maybe that's somebody you haven't seen in a decade or haven't spoken with in a decade, or whatever the case might be. So make sure that on your life insurance, on your retirement accounts, on any annuities, all those kind of things that you have beneficiaries updated because beneficiary designations on any of those things will override a will. So that really is the most important thing to have those beneficiary designations updated. And, you know, I mean, if you've been married and then divorced, then you're going to really want to make sure that those are updated so that your ex-spouse doesn't inherit all your stuff. Um, because that wouldn't be good unless you want that to happen, I guess. But hey, you. Do you. Um, but review those other things like I was mentioning as well. The wills, the powers of attorney, healthcare directives, trust structures that protect your partner or your husband, your wife, whomever, regardless of marital status.

Speaker1:
So even if you have been partnered with someone, but you're not married, still not married to this day, but you want to make sure that they're taken care of should something happen to you, do that with a will, a power of attorney, a healthcare directive, trusts that all of those things, but make sure especially that they are named beneficiaries on any accounts or otherwise, or policies that you want them to be on. Make sure that your intentions match what actually is going to happen and not, and the thing that dictates what is going to happen. Make that be your intentions and not your, you know, wherever you might be outdated laws in your state or your local area or, you know, just in the US in general. So or you're, you know, don't let your biological family if you're not in good, uh, good graces with them. Um, don't let them be the ones who determine what happens. You want your wishes to be carried out. So if you need help building an LGBTQ+ affirming year end or new year financial plan, as we get ready to head into 2026 beneficiaries. Tax planning, budgeting. I'll cover it all. I'll walk you through the plan. Uh, we'll show you where you are now, where you could be if you stay on the road that you're on, or where you could go if you move to a recommended plan that I would recommend for you.

Speaker1:
And so it all happens when you give a call to 85524692 11 (855) 246-9211 or you go to take pride in retirement. Again, it's take pride in retirement. I'll be glad to do that. Deep dive into your finances and just run all the analysis for you, because it really is so important for you to have those T's crossed, the I's dotted, and all of the things as you turn that page into a new year on that calendar, right? You flip the calendar, you throw the old calendar away and put the new one on the wall. I know that's not many people probably do that anymore, but you know what I'm saying? As you change the calendar from one year to another, make sure and change your financial mindset. Or at least do a financial mindset. Check in and be like, look, am I still on the right track? And if you are, I'll tell you. And if not, let's make some changes. Let's do that together and work hand in hand to make sure that you are on the right track, or that you get to the right track so that you can have a retirement. You can take pride in, well, that's going to do it for this edition of the show. Thank you so much for being a part of things as always. And until next time, take pride in yourselves and take care of each other. We'll see you then.

Speaker2:
Thanks for listening to Take Pride in Retirement. Members of the LGBTQ+ community deserve to work with a fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call (855) 246-9211 or go online to take pride in retirement. Com investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Bcm and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered in sold through individually licensed and appointed agents.

Speaker1:
Registered investment advisors and Investment advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosures of any conflicts of interest. Please refer to our firm brochure, the ADV two, item four for additional information.

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