Those who have chosen not to have children will not have the advantages of assistance from adult children in their old age.
Advisors also need to be aware that many members of the LGBTQ+ community have settled in expensive urban areas and do not have the option or the inclination to move to less expensive rural areas on retirement.
Advisors also should be aware that the LGBTQ+ community is known for giving back and the advisor will need to plan accordingly. “The community as a whole is noteworthy for its volunteerism, its social advocacy, its commitment to the arts, and other elements of living a life of purpose. These interests are also important to weave into a holistic financial plan,” Gannon said.