Sage Advice for LGBTQ+ Elders: Smarter Finances, Safer Savings, Stronger Futures

Episode 51: Audio automatically transcribed by Sonix

Episode 51: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Hey, it's Matt McClure of Active Wealth Management and host of Take Pride in Retirement. How would you like guaranteed growth for your retirement investment? Nationwide's peak ten fixed indexed annuity offers an 8% simple interest roll up for the first ten years or until your first withdrawal, whichever comes first. When you choose the lifetime Bonus Income plus rider for an additional cost with Nationwide Peak ten, you will also receive protection for your principal, keeping your initial investment safe even during market downturns. Growth opportunities linked to market performance without direct market risks and guaranteed lifetime income. Helping to create a more secure retirement. Call me today at 855246 9211 or go to take pride in retirement. Com to connect with me and start building a brighter future that's take pride in retirement. Investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of nationwide Life and Annuity insurance Company. Nationwide peak ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with Active Wealth Management. 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. Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money.

Speaker1:
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. Kluwer. Hello once again, 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. Really appreciate you taking the time to join me each and every time you do. Hey, if this is your first time, just tell you a little bit about myself. I am a licensed financial advisor and a fiduciary. I'm here to help the LGBTQ plus community folks just like you or allies or whomever you happen to be, take control of your financial future. Um, and the reason that I do what I do is because, you know, retirement planning can really feel overwhelming for so many people. There are so many different aspects of it. There are so many different things to plan for. There are so many different scenarios. Um, and it's just a lot. Right? But you don't have to figure all that stuff out on your own. So here on the show, on Take Pride in Retirement, I'll break it down for you step by step so that you can retire with confidence, security and most importantly, with pride.

Speaker1:
That is why the show is called what it's called after all. I really do appreciate you taking time, as I said. And, um, hey, speaking of time, take just a moment, if you will. It won't take long. It's not a it's not a involved process to just go over to YouTube and search for take pride in retirement. If you do that, um, it'll be a lot of, uh, interesting things for you there, uh, including highlights from the show, full episodes as well. A lot of great guest interviews and things, past episodes that you may have missed and all of that. Uh, I really would appreciate it if you, um, would just do that. That's just go into YouTube searching for Take pride in retirement, subscribe like videos. I would, you know, just just take a minute. That's all I'm asking. Um, also, you can search for take Pride in retirement on the socials, um, especially on, um, Facebook and on Instagram. Um, those are the two main ones that I'm really, you know, kind of active on now will be expanding that here pretty soon. But, um, those are the two biggies as of right now. Also go to take pride in retirement. Com yeah take pride in retirement. Com easy enough to remember it's the name of the show. Com um and there you will find you know a lot of information uh some background info about me and why I do what I do beyond what I just said a moment ago.

Speaker1:
And also, you'll find, um, you know, a lot of great content from our past episodes. Literally each and every one got over 50 episodes now, and each and every one of them is there on the website. You can also contact me via the website. There's a contact form. There's also a link to schedule a consultation. There's a risk profile questionnaire on there just to see how much risk you are comfortable with taking with your retirement plan. Um, that's kind of giving you a head start to things, right? So you can do that. Take pride in retirement. Com or hey, if you want to talk to me give me a call 855246 9211 (855) 246-9211. Is that number? A lot of great stuff coming up here on the show today. I have a wonderful guest coming up in just a little bit. Uh, her name is Christina DeCosta. She's with sage, which is services and advocacy for LGBTQ plus elders. Um, she is going to talk about a resource for your finances that is made just for LGBTQ plus older adults. And it really is something that especially if you, you know, if you feel like you need some catching up, if you got some catching up to do and you're not in the financial place that you think you should be or that you want to be, certainly you can use this resource to help you get there.

Speaker1:
And I think that's, um, it's just so important to have this for our community and so important to have it. Um, featured on the show to reach our community. So I'm just so glad to have Christina on, uh, coming up in just a little bit. And she's going to talk about a lot more than just that. But that's kind of the bulk of our conversation. I'm also going to talk about how you can beat the bank's CD rates coming up in just a little bit. Um, some options for you if you are seeking protection from all of the market volatility that we've seen here recently. And yes, boy, has it been volatile. We'll also talk about how to get rid of a bunch of expenses from your retirement. And if you have questions specific questions I'll take you through a list of several of them that I can help you answer in a fiduciary capacity. When I meet with you one on one, either via zoom or in person. If you happen to be in the metro Atlanta area. I can do that, but I would love to. Love to meet with you regardless of where you are. And we can do that thanks to the power of technology. Um, so a lot of great stuff coming up here on the show. As I mentioned. First, though, let's get some inspiration for our conversation, shall we? We'll do that with our quote of the week.

Speaker2:
And now for some Financial wisdom. It's time for the quote of the week.

Speaker1:
This week's quote comes from Theodore Roosevelt at the first Roosevelt to serve as president of the United States. Tr as he was otherwise known. And he said this. Do what you can with what you have, where you are. It's simple, but it says a lot. Do what you can with what you have, where you are. It simply means, you know, take action with the resources that you have at your disposal. And that's going to be actually a big part of the conversation that I have with Christina in just a little bit. But it's important to note that no matter what your resources are at any given moment, you can always take action. It may feel like you can't. It may feel overwhelming. Life can feel that way. Trust me, I know. But if it does feel overwhelming, know that you can take action. And if you don't feel like you can take action with the resources that you have, then get more resources. Reach out for help. Don't be afraid to ask for help. There's nothing at all that should be embarrassing about that. There's nothing at all that should be intimidating about that or anything. Get the help if you need it. And that's that's really what I'm here for to, you know, point you in that direction. And so I thank you again for listening. Um, and one of the things that you can take control of, I always say control the things you can control. Right. And one of the things that many people can take control of as far as their retirement plan, and you may not even realize it is rolling over a traditional 401 K.

Speaker1:
We often talk about, you know, rolling over an IRA like a traditional IRA into a Roth account. You can do that a lot of times as well, though, with 401 S. Um, and so sometimes you really can't touch the money that you have saved in your 401 K or your other retirement accounts. It just depends on the rules of the plan on, you know, what your employer allows. I've run into some roadblocks before with for clients when we're trying to, you know, get things moved over for them. But more often than not you're able to. So you can actually touch that money. It's always my goal, though, to help people take control of their assets so that they can protect and grow their hard earned savings in their hard earned, uh, investments. And and that is paramount for me. So taking advantage of things like this, if it's available to you is a good thing. It's called an in-service distribution, where you can take a distribution from your 401 K, while that 401 K is still in effect, you're still making contributions to it. Take that. Remain with the company. Stay in the plan and all that stuff, and continue to take advantage of the maximum match from your employer. But then also move a big chunk of that into safety, right? So why wouldn't you really take control of your investments when possible? I always say again, control the things you can, and this could be one of those things you can actually control. So if you are in or nearing the retirement red zone, that's within five years of retirement or you've retired in the last five or so years, consider taking about 40 to 50% of those dollars that you have saved up in that 401 K, and protect that portion from market losses.

Speaker1:
It may be right for you. It may not be right for you. It may work for you. It may not. But explore that and see. And I can help you sort of navigate that. The solution can provide you with an additional income stream in retirement as well that you can never outlive. And that's so important, provides a lot of peace of mind. So again go to take pride in retirement. Com to reach out if that is something that you are perhaps interested in. I can kind of navigate through that again. The initial consultation is free of any cost or any obligation. Um, I'm not, you know, here trying to say, okay. Yeah, pay me a bunch of money and I'll help you out. No, that's not how this thing works. Um, will only end up working together going forward if we both kind of mutually decide if it is right for you. So I am really excited about today's episode of Take Pride in Retirement, because we're joined by someone who is, um, part of an organization really doing incredible work to support LGBTQ plus folks, especially older adults. Christina DaCosta is the chief experience officer at sage. That's sage. It's the country's largest and oldest organization that's dedicated to improving the lives of LGBTQ plus elders. Uh, Christina, thank you so much. I really appreciate your time.

Speaker3:
Oh, I'm so excited to be here, Matt.

Speaker1:
Well, it's great to have you. And for those who may not be familiar. So just kind of talk about sage itself. Um, here, as we start out, just kind of, you know, give the background and maybe what all you do at sage.

Speaker3:
Sure. Um, so sage is, as you said, it's actually the world's largest and oldest organization dedicated to improving the lives of LGBTQ plus older people. We were founded in 1978, in New York City. So right after Stonewall, but before the Aids crisis and was really, um, more of a social services, um, community organization. It was actually founded by young, uh, LGBT gerontology students who realized that, um, older folks who they knew weren't getting the services, um, and support that they needed to thrive. So sage really formulated, um, on a very local grassroots level, and since then has just grown and grown and grown. Um, we are, um, all over the place across the country. We have, um, I think, a hundred sage collab partners. So that's local, um, LGBTQ, um organizations and aging service providers, um, who want to be affiliated with Sage in some way, shape or form. And we do a lot of advocacy work. So we work at the state, local and federal level across the country to make sure that folks get the aging supports they need. We have a national LGBT Q plus housing initiative, so we do a lot of work around supportive housing and LGBTQ plus friendly housing. Um, and we have some national programs that are virtual, like Sage Sense, which I'm really excited to talk about today, as well as a, um, mental support app called Sage Hear Me, which is, uh, matches folks who sign up for like, text based, uh, mental health support as well as chat support. And yeah, we really run the gamut because our community runs the gamut and we realize that everyone deserves to age with dignity and respect. Um, and I don't care if you are 20 or 40 or 60 or 80 or 100. Um, if you're in this community, sage is here for you and to support you as you age.

Speaker1:
That's amazing in so many different aspects to your work there and just wonderful. And yeah, we're going to talk and spend a lot of our time today talking about Sage Sense, which is that really, you know, um, finance focused, um, part of what you all do or one aspect of it, I guess. But, um, yeah, I mean, it's it's really super important and it's such a perfect fit for the show today because I always say, like, my sort of thing that I always come back to is that no matter who you are or where you come from, who you love, how you identify, how much money you have, like any of those things, you deserve a retirement that you can take pride in. And that's really why the show is called What it what it's called. So it's, uh, we're really, you know, we're all working in the same pulling in the same direction here. And from your perspective, what are some of the biggest challenges that LGBTQ plus elders face as they age today? And some things that, you know, people might not even realize?

Speaker3:
Yeah. So, you know, I, I've been working at sage for a really long time, since 2007, actually. Um, and when I first started, one of the most interesting things that is still true is that LGBTQ plus elders face, um, discrimination not only from the LGBTQ space because aging is, uh, somewhat difficult, uh, concept to explore, uh, with, with the LGBTQ plus community. We all were very youth centered community, um, but also, um, aging aging centers, senior centers, um, they face double discrimination, being queer. So that's something that I think a lot of younger folks may not realize or grapple with. Um, and this community is far more likely to face aging without the support of a partner, uh, children, extended family. Um, and that really creates a ripple effect. Um, you know, in terms of your own healthcare, in terms of your retirement, in terms of your financial well-being. Um, and there's also just a lifetime of trauma. This is a group of folks where homosexuality was a mental illness, declared a mental illness for a very long time, um, by, um, the American Psychiatry Association. Um, the Aids crisis, big one, um, Covid, another crisis, another health care crisis this community went through. So, um, these folks have faced a lifetime of discrimination. Nation, um, and, and a lack of support. And they still led the way. They still fought through the Aids crisis. They still fought at Stonewall. They still created a community for themselves that, um, we are benefiting from today. And that's something that, um, I think is really important for us to remember is, is also the resiliency. So, um, there's a lot of challenges. Um, and I do think especially now in the environment we're living in, there's a lot to be learned from, from these folks who led the way.

Speaker1:
Yeah. And one of the things that I, you just sort of led into it right there, the things that I keep coming back to is maybe, just maybe a silver lining around sort of a very dark cloud that we we seem to be under right now, especially as LGBTQ plus folks, especially the, the T and the Q and the plus, um, the silver lining could perhaps be that it fires a lot of people up, and that it really educates people who are younger, who may not have that, you know, first hand knowledge of where we've been in the past, things like Stonewall and the Aids crisis and all of that, and don't have that personal connection to it. It may just, you know, kind of show them. Yeah, you know what? We've come a long way, but we've still got a long way to come. And there are still battles to be fought and won. Right?

Speaker3:
Yeah, yeah. And what's interesting is, um, you know, in terms of talking with trans elders, um, you know, they were like, we've had nothing. We've had less than nothing. We've had to sell ourselves and, you know, and and we still we're still here and we're still fighting. And so, you know, I think that there are there's so many lessons to be learned. And, um, aging is a Has a privilege. Um, it really is. And the fact that I think sage is here to help facilitate that process for everyone, no matter what your age is, is, is really remarkable and is actually why I'm still working here. Um, I'm just I learn so much every single day from from our elders. Um, honestly, it's it's just, um, amazing. And again, I think looking at that resilience right now and making sure that younger folks know about it is just really important.

Speaker1:
So, so important there. And, you know, I mean, one of the ways that you all, you know, as you were mentioning earlier, kind of help people, um, navigate life and improve their lives as LGBTQ plus elders especially, um, is financially. And that leads me right into sage sense. I mean, talk about sage sense and that sort of program and what it is, um, and how, you know, seniors can take advantage of it.

Speaker3:
Yeah. So safe sense is like my baby. Um, it started in the actual app, started in August of 2020. So we're coming up on our five year anniversary, which is really exciting. And it really started, um, because we found that, you know, again, due to a lifetime of discrimination, um, and, and lack of, you know, supports that this population needed, um, needed a safe space where they could get and access information in a way, um, that wasn't talking down to them, that was speaking their language, that was really inclusive. And sage sense is really that tool. We believe that financial security is just foundational, right? It is. It gives you agency with your own life, with your own health, where you live and the ability to, you know, be more financially aware, more secure, really helps you choose, you know, all of the things that affect your life. Like we live in a capitalistic society and money matters for what that's worth, right? And so making sure that, um, our community has a really, um, a foundational base in order to learn more and not feel scared to ask questions or seek out resources because of who they are, is really why we started Sage Sense and, um, you know, it is has been so amazing to see, um, you know, because we have all the data from sage sense, like how people progress through the program.

Speaker3:
Um, you know, people improve their credit scores, they save, you know, um, I forget on average, I can, like, pull up some numbers in a bit, but, um, people save money, they raise their credit score, they feel more financially secure. They're making budgets. Um, and I think especially the fact that we launched during Covid was just, um, so impactful. Um, and we're still seeing people, I think, especially now with so much volatility, um, signing up for the program because it gives them a space to start off. Um, and it doesn't matter if like you have a financial advisor and you don't think you need it or you're you have never thought about your finances before. It's free. Folks can sign up. You see where you're at on your levels and you get tailored, made resources, um, really for where you're at. So, um, it's it's a great, great, um, program and, and app and I'm just really proud that it continues to exist and, and be a resource for the LGBTQ plus community.

Speaker1:
That's amazing. And it sounds like something that is that is right up my alley. And that I would encourage all of our listeners and viewers to, uh, go and and discover for themselves. Um, because it is it sounds so great and, you know, talk about kind of people's experience with it, like, have you heard I mean, obviously you said it's been around almost five years now. Um, what kind of feedback have you all heard from people who have actually, you know, downloaded the app and worked their way through it and seen improvements in their financial life?

Speaker3:
Yeah, well, luckily you don't even have to download it. Matt. It's a web based app, so you can just boop boop boop access it on your computer. No need to go to the App Store.

Speaker1:
It's even easier.

Speaker3:
I love it so easy. And, um, yeah, I mean, what is great. And, you know, we have some testimonials like popping on our YouTube channel and things like that. If folks want to follow stage is people say that it's really impacted their lives. Um, I think during Covid in particular, we had someone who connected, um, with a free financial advisor through the app and they had lost their job due to Covid and, um, really worked with this person to figure out what their next steps were, what a budget looked like for them. Um, and they said, because I had this, um, access, I was less scared. Um, I was able to take control in a time where I felt no control at all. Um, other folks have, um, again, I think being able to go through it and just sort of track your own progress. Um, have expressed that it's really easy to use. It's really affirming in terms of like, pronoun usage and like where you're at in terms of, um, uh, you know, reaching out to folks in the community. And it's just it's been a really great response. And, you know, one of the things that we do, um, in the app is we run sweepstakes and things for folks, you know, who, you know, take part in it.

Speaker3:
We have a bunch of like, surveys and like little roadmap like games. It's very gamified. Um, so it's kind of fun too. Um, and so one person who like, you know, one one of the little sweepstakes was like, this was actually life changing. Like $100 may not seem like a lot of money to people, but the fact that I got this, um, for doing something that benefited me financially anyway, like, really helped me, like they were going through. And some of the responses we get were are people who, you know, have unexpected medical bills. Um, you know, have to caregiver for someone that they didn't think they had a caregiver for. Um, and so being able to, you know, have an affirming place to search for information and to ask questions, um, is can be very life changing to, to folks who don't have a place to go to. Um, especially those who live in rural areas. We have a high population of users, um, who live in, um, a more rural areas of the country. And this is a place where they can get safe resources.

Speaker1:
Yeah. And that's so important. You know, financial security is so important as you age. Just in general, because I mean, you know, you sort of alluded to it there where, you know, a lot of LGBTQ plus folks end up being caregivers, but don't really ever necessarily have someone to take care of them if they should need it because, you know, they may not have children, they may not have other relatives who are willing to do that. Even so, you know, it all depends on family dynamics and everybody's situation is different. But by and large, that that's true. And a lot of people who sage works with, I'm sure, and people who have benefited from this app, um, are those who have not grown up with financial privilege or financial access, even, um, people, you know, maybe started late for, you know, preparing for retirement or preparing for, um, you know, just having enough to cover their health care expenses in their retirement years, which is like so critical because those costs are not going down. Definitely. Um, what, you know, would you say to them, like, is this a good thing for them, even if they feel like they've gotten a late start in, in life financially, um, that they can benefit from sage sense?

Speaker3:
Yeah. I mean, I like to say it's it's never too late to start saving. Um, it's never too late to try to take control of your finances. Um, you know, no matter your age. Um, you know, you deserve dignity and security no matter what your starting point is. Um, especially if you, you know, you're navigating your financial planning later in life because you didn't have access to, you know, wealth building tools or home ownership or generational wealth or safe workplaces. You know, a lot of folks had got fired for being LGBTQ plus, right? And so, you know, I think sage sense is a great first step, um, for folks. And again, it's never too late to start. Um, you know, I, I recommend as many folks do. Right. You focus on those small, consistent step budgeting, um, saving and exploring the benefits you may qualify for, because that's a huge part of of the work of retirement and aging. And, um, money matters is like, what? What's out there that you can, um, that, that, that are benefits for you as an older adult. And right now, navigating those things might be a little difficult, but there are still, um, organizations and folks out there, um, you know, who are dedicated to benefits counseling, right? And making sure that folks, um, get get what's theirs, you know, um, and I think that, um, it can be so daunting. And, you know, we put it off, put it off, put it off. But start today. If there's someone listening, um, who, you know, is just doesn't know where to start. Start with safe sense. Start with this podcast. Um, you know, it's never too late.

Speaker1:
Yeah. It really, that's that's what I, um, always, you know, say to people who think, you know, think that they've gotten a late start on anything. Well, you know, you'd be surprised at what you can do now. You'd be surprised at how much the little things that you can do now if you do them consistently, as you were saying. How big of a difference that really can make? So yeah, you're absolutely right. And speaking of daunting things, um, sage, obviously, as you mentioned earlier, advocates for, um, policy change and, and for, you know, just support for LGBTQ plus, um, elders. Are there any initiatives in that front right now that, you wanted to maybe call attention to.

Speaker3:
Oh well, I highly recommend if folks are interested in Sage or anything policy related for um, older LGBTQ+ people. And note we will all be lucky to be older LGBTQ plus people. Um, I always like to say that like when I'm at a pride parade, I'm like, you're going to need sage. You're going to need sage. We all age, right? And we like it's not going away. If we're lucky, we age. Um, so I would say for anyone interested, um, in any policy work that sage is doing, um, I highly recommend to join. We have an action squad, um, on our website, and folks can sign up for our Action alert emails. Um, they are broad on the national scope, but they're also, um, very localized. So, you know, we do a lot of work. Um, when there are issues related to, you know, the intersection of aging and LGBTQ plus policy and life. Um, well, you know, there's there's ways for folks to get involved. Um, raise your voice. And and sage makes that really easy. Um, and I'll share a link, um, with you. Matt, in in a moment where where folks can can sign up for that, but definitely, um, there's a lot that's going on right now. And the more who you know, raise your voice, as we've learned from our elders.

Speaker1:
Yeah.

Speaker3:
The change can happen, right?

Speaker1:
The better off we are, the more of us are involved and the more of us speak out and and use our voice. Because that really is the one thing that we all have in common, is that we have a voice and we can use it, and we can use it to affect change in a positive direction, despite anything else that may be going on around us. Um, you know, I always say control. Control the things you can control when I'm talking to people about, like, their own, um, personal financial life and all of that. And the other outside stuff may seem like stuff that you can't really control on a, on a personal level, but when it comes to social change or policy change, um, that is something where you can because we can collectively go out and use our voice and, you know, effectively control things. Um, if we're in large enough numbers and, and use our voices loud enough and long enough, we can do that. So, yeah, it's it's so important to just be involved 100%.

Speaker3:
And, uh, if folks do want to sign up for that action squad, it's, uh, sage USA, Backslash Action squad. So, um, I highly recommend folks, uh, signing up for that and, you know, to go, um, you know, back to this idea of, um, you know, you got me thinking, Matt, about. It's a scary time right now. Um, you know, for the community, but also financially, um, you know, if if folks are, um, you know, not sure if they should even start with retirement savings or what that could look like. Um, again, it's it's not too late, and the time is now. Um, you know, even though it might be a scary time financially with what's going on in the markets and the outside financial world. Um, but, you know, this is this is an opportunity where I think a lot of folks are rethinking their retirement, rethinking finances. Um, might be scared, um, lost. And I highly recommend, um, you know, seeking out safe sense, seeking out, um, resources, um, listening to great podcasts like yours. Um, and just really educating themselves is what what's actually going on and taking those small steps to secure your financial future.

Speaker1:
Yeah, it's the little things that that matter. Um, and a couple of couple of questions here before we wrap up. And I wanted to maybe get, um, you alluded to this in the beginning, but I wanted to get maybe a little bit, um, personal, but not too personal. Um, and just and ask you. Um, you know what? Personally sort of drew you to this work? Um, you said you've been with sage since, I think 2007, right? So it's been a long time. So what drew you to it? And what's what's kept you there?

Speaker3:
Okay, well, this is personal. Um, so I will be honest. I was, uh, thinking about being a lawyer for a long time. Um, I worked at a lot of law firms. Um, and nothing really quite fit. Um, and I had lots of friends working in the nonprofit sector, and this opportunity came up and I thought, Ha! Gay old people.

Speaker4:
They exist. Really?

Speaker3:
You know, I, I I'm fine. I'm. I'm cool with being age. I'm 44. I just turned 44. And so however long. I can't do math, y'all. So don't count on me for that that work. But however old.

Speaker1:
Likewise. By that.

Speaker3:
Way.

Speaker1:
I just turned 40. I just turned 44 myself, so.

Speaker3:
Yeah. Yeah. Happy. Happy. Thank you. You too. 44 club. So, I don't know how old I was in 2007. Y'all can do the math. Um, but I just remember being like, oh, wow. Like this. This is real. Like, these folks exist. This is important. I want to exist. And so I, um, I joined sage, and I kind of never looked back. Um, I've grown and grown and grown, um, in the organization to to where I am now as the chief experience officer. And like I said, I, um, the thought of not only helping our community, but also learning from those who led the way, um, has just really impacted my life so much. And the fact that I get to talk with these folks, talk with LGBTQ plus older people and talk with younger people and then connect them and create these programs that, like, I can see the impact and I can see the impact of sage. Like sage has grown so much from where we were in 2007 to now. It's it's been amazing to just see the organization's growth, but to also see older LGBTQ plus people like really being brought into the mainstream a little bit. And I know we're dealing with stuff right now, um, politically and as a country with with LGBTQ plus folks, especially, as you said, the T, the Q and the plus. Um, but I feel like there's been such a movement of older voices coming into, um. Media spaces. You know, we have the old gays who became a sensation. Um, and, and so many other, um, fun folks who are aging with pride. Um, aging with vibrancy. Um, taking a stand. And I think that that provides so much hope and knowledge for the younger community. And I hope that's I really hope that's not lost. Um, and I think that history portion, too, is just so important. Um, and. Yeah, that's why I'm still here. Um, honestly, it's just it's such a privilege to work at an organization that's doing such impactful work. But I also get to learn, um, from folks who are much wiser than I am. And it's great.

Speaker1:
I love that. Um, and yeah, they have so much to to teach us all. And just from literally just from existing and and being themselves and, you know, teaching us from, from their experiences. Um, it's just invaluable, uh, to us, to everyone. Um, okay, so before we wrap up here, just anything that you like, if you could leave our listeners or viewers with one kind of message about preparing for the future, what would that be?

Speaker3:
Don't wait. Don't wait. The best time to plan is today. If you have not thought about it, do it now. Whether you are 44, 7525, 85. Um, whatever it is, just just don't wait. In terms of your future. Um, you know, little by little, um, your future self will. Thank you. Um, and I would also say to, um, surround yourself with the people, um, and organizations that affirm who you are. Um, and builds a life that centers your dignity, safety and and joy. And that will I feel, um, that's what I've learned from our older LGBTQ plus folks. And, um, yeah, I would say, like, especially with regards to your finances and your future is just don't don't put off today what you can. Don't put it off. Just do it. I'm not even going to say the adage.

Speaker1:
Yeah, there you go. Don't put off until don't put off until today. No, that's not right. Um.

Speaker3:
You know what I mean. Don't just do it today. Just do it today. Whatever. You know. Stop. You know, when this is over, stop and just sign up for safe sex or just, you know, just think about it. Like what? Open your bank account. What do I have? Do you have a bank account? Do you have do you know your credit score? Um, take a look.

Speaker1:
Yeah. Do you have anything that's, um. You know, any any money? That's somewhere that's actually growing? Or are you just stuffing it under the mattress? You know, like, take a look at it and see, um. What? You could be improving in sage sense, I feel like is a great way for people to do that and really to get like, this holistic picture of where they are and where they could be and kind of how to get there. So that's great. And I thank you so much for that work. Um, I know that you've you've been very involved in, uh, sage sense and of course, in sage, the organization for quite a long time overall as well. So, um, I really do appreciate it. Christina DaCosta is the chief experience officer at Sage. Thank you so much for spending some time with me. Um, me. I'll tell our listeners. By the way, Sage Usa.org is the website, and there you can find all the different resources, and I'll put links in the description for the podcast and everything. So, uh, but Christina, thank you so much for your time. Really do appreciate it.

Speaker3:
Thank you Matt, this was awesome.

Speaker1:
Was just a great conversation there about, um, sage and all of what they do, especially sage sense and making sense out of money, um, is really what that's all about. So, you know, just go once again, Sage Usa.org and you can find all of that information. Glad to have Christina on the show this week.

Speaker5:
Need a higher rate of return from your safe money. Listen up. It's time to beat the bank.

Speaker1:
Cd rates so you know the bank. Cd rates have started going up as as, um, interest rates had gone up, you know, over the past couple of years here to try and tamp down inflation. And so the rates may have climbed, but are they keeping up with your financial potential? That's the big question, especially when you have bigger goals in mind like, you know, early retirement with your partner, for example, securing your family's future, securing your chosen family's future, um, saving for, you know, whatever goal you might have beyond that. So what can you do that might be better, that might get more for your money and more growth for the money that you put in. Well, many a time there's something called a multiyear guaranteed annuity, a megha. Megha. And so, you know, the CD rates probably seem appealing right now, but Micah's offer usually higher contractually guaranteed rates from top rated insurance companies. Now, here's the thing. Megha is acts a lot like a bank CD, right? And so. You know, you put your money in. It's there for a certain period of time, you know, maybe five years or so, maybe shorter than that, maybe a little longer than that. But it's there for a certain period of time. It gets a certain amount of guaranteed growth on an annual basis. And so in that way, it acts a lot like a bank CD. But in general, the rates tend to be better, especially if you're comparing a lot of these micro rates to something like a bank CD from a brick and mortar bank, like the big national brick and mortar banks.

Speaker1:
Those CD rates are usually pretty pitiful, to be quite honest. Uh, not always, but usually. And so, you know, I've seen those with just a fraction of a fraction of 1%, um, growth. And I'm like, well, that's not even growth at all. You're losing money because you're not anywhere close to keeping up with inflation at that point. So, you know, for LGBTQ plus, folks who may face unique financial hurdles like later starts to building wealth. And, you know, due to things like discrimination, maybe a long time ago, you were fired from a job or something like that for being LGBTQ plus or rejection by your family, whatever your situation might be, you know, maximizing your return on your dollar without increasing your risk. Boy that's essential. That is so, so essential. And so it offers tax deferred growth as well. And Amica earnings are tax deferred. So they grow faster because taxes aren't due until withdrawal. So you've got a larger pot of money initially to start growing right. And then it just compounds on top of that. And so that's helpful for couples who aren't legally married maybe or live in states without a lot of legal protections, because tax deferral can really buy time to plan around future tax brackets or potential legal recognition.

Speaker1:
That kind of thing gives you more control. Really, you get those predictable, guaranteed returns I talked about, you know, they, um, regardless of what's going on in the market and we've seen the craziness that can happen in the market here lately, right? And so you want to move to some safety. Consider Amiga because for LGBTQ plus retirees who may not have employer pensions or robust family financial support systems, some, you know, guaranteed returns and then potentially taking that money and turning it into guaranteed income down the road, that adds a lot of peace of mind. Another thing that adds peace of mind is the reserve requirement. You know, banks are only legally required to hold, say, up to 10% of the funds in reserves for that bank CD, sometimes even less than that. They'll hold less than 5% even sometimes. And while insurance companies, on the other hand, they are legally required to reserve 100% of your principal to keep that money in a safe place on hand so that, you know, if you come crying to the bank and say, uh, I want my money back from the bank, from that bank CD. They may or may not have that on hand to give to you. Um, they may say, okay, go, you know, go play on the highway or whatever, but with a figure that 100% of that principle is protected, it's there, uh, with the insurance company.

Speaker1:
So, I mean, it's, you know, wouldn't you feel safer knowing that your retirement funds are 100% protected, especially if you've had to self-fund your entire financial future? So ask about Mygas if you have an advisor, if you don't have an advisor, or if you're maybe looking for a new one or just want some, you know, a second set of eyes on your finances. Um, someone who who gets the struggles, the joys, the triumphs, all of the things of the LGBTQ plus community as I do. Then seek me out, ask me about it. And you can do that by going to take pride in retirement. Com. Again that's take pride in retirement. Com click the contact page or you can schedule a meeting with me just right there in the app in the in the app right there on the website. It'll take you directly to my calendar. You'll see the link there at the top of the page. All right. So I told you we're going to help you get rid of some expenses from your retirement. And you know, a lot of times people don't really know the expenses that they're paying, right? They just have no clue how much they're paying in expenses. And so freedom in retirement really often comes down to cutting one big cord.

Speaker1:
And that's your mortgage. That monthly mortgage payment can really just suck the life out of your finances in retirement. For a lot of LGBTQ plus retirees, downsizing or simplifying your life isn't just a money move. It's kind of liberation, right? So if you don't know how much you're paying in fees and you've got on top of that a big mortgage payment every month, you could be in a much better situation if you are able to pay off your mortgage. Now, I would say you should, you know, maybe consider if it makes sense for you paying off that mortgage so you don't have that big debt hanging over your head. That could be a good thing for you. Might be might not be the best thing for your particular situation. It all depends, right? So that's the big caveat here. But you could pay off the mortgage because this is a stat that I've seen several different times in studies and things that retirees who own their homes outright are often happier and more financially secure. And for LGBTQ plus couples, it also reduces dependence on dual incomes, especially important in households where one partner didn't qualify for spousal benefits due to late legal recognition, for example. So that's a consideration as well for paying off the mortgage and explore cutting the the fees inside your investment portfolio at the same time. Because as I said, people don't realize often how much they're paying in fees.

Speaker1:
And a lot of them are hidden. So take advantage of an analysis that can tell you how much you're paying in fees, and show you how to cut them so you can consider using something like life insurance, cash value investment accounts, even, you know, selling unused real estate. If you have some and get that burden out from over, you know, hanging over your head. And then, you know, think strategically about it. You know, if you live in a home that was ideal during your, um, the middle of your life, for example, and, you know, all the, um, maybe you had a bunch of chosen family living with you. Maybe you do have kids, and maybe they were living with you and you got all this big space or whatever, but now you got all these empty rooms and the stairs and all of that. All of that. Um, it's more than you need, potentially. So consider downsizing. And you could maybe look at an LGBTQ+ friendly retirement community or states where your rights are more protected. You consider those. But that's the thing. Like, you got to know what your options are. And, you know, I was talking to Christina from sage earlier. Sage is a group that you can, you know, take advantage of their resources and find friendly retirement communities. You know, they'll be able to guide you in, in that way.

Speaker1:
So, you know, reflect on if your home is serving your retirement or is it holding, holding it hostage and simplifying your life could mean living where you feel most safe and affirmed an LGBTQ plus specific consideration there that is often overlooked. Again, take pride in retirement. Com is the website to go to and um, would really love if you would do that. Reach out to me and I'll help guide you in the right direction. We'll see if we can work together as well. Remember, the free consultation is just that. It's absolutely free of any cost or any obligation. All right. And a quick little thing here before, um, it's time to wrap up, but seven questions that I can help you answer as an LGBTQ plus or anybody, uh, retiree or pre-retiree that I can help you answer as you are planning. And so when you reach out for that initial consultation, you can you probably will have some of these questions, if not all of them, right? I mean, these aren't just retirement planning questions, they're life planning questions. And for LGBTQ plus, folks, every answer deserves to be inclusive, affirming, and focused on your future. And so, you know, number one question is when should you claim Social Security? Lgbtq plus couples have specific needs there. Because, you know, a lot of us only recently gained legal marriage status, and they need to optimize spousal benefits and survivor strategies and things like that.

Speaker1:
When you're doing Social Security planning, a lot of things are possible now that we're not in the past. Number two is what is your tax plan? You face different tax scenarios as an LGBTQ plus person. If you're not married or you're living in a state with different protections and all of that kind of thing. Um, you know, planning ahead for future tax increases is critical as well. A lot of the economists today say, look, taxes are going to have to go up at some point because we got this huge national debt. And so, you know, even though tax cuts may be extended now or whatever, it's kind of just kicking the can down the road, something is going to have to give. Managing RMDs. Those are those required minimum distributions from things like your IRA, your 401 K, those tax advantaged accounts that where everything is growing tax deferred. Right now you reach age 73 and Uncle Sam says, okay, you haven't paid taxes yet. Now you got to pay up. So you've got to make a withdrawal. Take a distribution from that retirement plan. And so you've got to manage that. Um, you can, you know, if you're a, a single person or you're if you're a couple without kids, it ties into legacy planning and charitable giving to LGBTQ plus causes as well.

Speaker1:
Now, also, number four is related to that because it's Roth conversions. Should you convert your traditional accounts to a Roth? The reason that's important, and the reason that's part of this tax conversation, is that you can get out of making those RMDs, taking those distributions at all because they're not required in Roths. Why? Because you pay the taxes up front. You don't pay the taxes when you withdraw. And Ross can be a strategic tool for LGBTQ plus folks looking to minimize their taxes in future decades and maintain control of income planning. It can be an income stream that is tax free. What to do with real estate? That's number five. You know, downsizing, as I mentioned, moving to an affirming community that's about safety and belonging as much as finances. So what's the long term plan there? Medicare and long term care. You know, many LGBTQ plus older adults rely on chosen family, not biological relatives, for care. And long term insurance is worth serious consideration in a lot of those cases. Because if you don't have the kids to watch after you, or you don't have other family to watch after you, who's going to do it? If you do have chosen family, that's that's fantastic. Um, but otherwise get an extra layer of protection, potentially. And I can show you different ways to do that. And also legacy planning. That's the last one.

Speaker1:
Number seven, whether you're leaving money to nieces and nephews, your partner, LGBTQ plus organizations, to adopted kids, to your own biological children, to whatever you know, your legacy should reflect your values and you should be able to leave a legacy behind. So I want you to know it's okay, and it's necessary to ask these questions with your unique identity in mind. I always say everybody's different, and no matter who you are, where you come from, who you love, how you identify, or how much money you have, you deserve a retirement plan that you can take pride in, and a plan that takes pride in who you are and takes you into consideration. Once again, take pride in retirement. Com is the website. Go there. I'd really appreciate it. All right folks. Well that is going to do it for this edition of Take Pride in Retirement. Boy, we've talked about a lot. Had a great guest on it has been a great show and I thank you so much for being a part of it once again this week. Once again, take pride in retirement. Com. Follow on YouTube. Subscribe to the channel there. Like our videos? Follow on the socials, on Facebook and on Instagram and elsewhere coming up soon, so I'll let you know more about that in the near future. But until next time, take pride in yourselves and take care of each other. We'll see you then.

Speaker6:
Thanks for listening to Take Pride in Retirement. Members of the LGBTQ plus 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 and sold through individually licensed and appointed agents.

Speaker1:
Fixed annuities, including multi-year guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees, and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer. Hey, it's Matt McClure with Active Wealth Management and host of Take Pride in Retirement. When it comes to your family's financial future, Peace of mind is everything, and Nationwide's Pick ten fixed indexed annuity can help with a nationwide pick ten. You'll benefit from joint income options to help provide lifetime income for both you and your spouse, a death benefit to provide more security for your loved ones, and protection for your principal so your initial investment is safe from market downturns. Plus, you can receive an immediate 20% bonus added to the income benefit base when you choose the Lifetime Bonus Income plus rider for an additional cost, call me now 85524692 11 or go to take pride in retirement to connect and learn how peak ten can help protect the ones you love. That's take pride in retirement.

Speaker6:
Investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of Nationwide Life and annuity insurance company. Nationwide peak ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with active wealth Management.

Speaker1:
Any bonuses mentioned may be subject to additional restrictions and regulations based on the offering annuity company. You may not receive the bonuses if the contract is fully surrendered, or if traditional annuity payments are taken, and if the policy is partially surrendered, it could result in a partial loss of bonuses. Because these are bonus annuities, they may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus feature. Information provided is not intended as tax or legal advice and should not be relied on. As such, you are encouraged to seek tax or legal advice from an independent professional.

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