Financial services can overlook the LGBTQ+ community, but many aspects of this community have unique financial planning requirements. It is important to be aware of the financial complexities LGBTQ+ people may face.Experian research shows that 62 percent of LGBTQ+ people have experienced financial difficulties due to their gender identity. Nearly half (44%) say they have trouble saving money, and 11% have not saved enough for retirement. The Human Rights Campaign Foundation found that LGBTQ people feel worse about their finances than the general population. A 2021 E*TRADE survey found that 43 percent of LGBTQ investors intend to keep their portfolio the same.How can LGBTQ+ people make a financial success? You can take control of your financial wellbeing by examining your choices regarding relationships, retirement planning, and family planning.Tie the knotAlthough marriage is not for everyone, Pew Research discovered that the majority of cohabiting same-sex couples have been married since 2017. It is important to understand the implications of marriage on matters such as eligibility for workplace benefits and estate planning and gifting strategies. Adoption and family planning, income tax filing, healthcare coverage, retirement plan spousal and social security spousal benefit.A tax advisor may be able to help you assess your individual situation. A joint tax return filed by newly married couples might be eligible for tax deductions or exclusions to reduce their tax bill. If their combined income is higher, they may also qualify for a marriage penalty tax increase. Married couples have U.S. federal estate portability.Many couples consider other options to protect their loved ones and legacy, such as cohabitation agreements or domestic partnerships. Although domestic partners are not considered family by the law, there are some companies and workplaces that do. The rules regarding domestic partnerships and civil unions differ from one state to the next. However, the IRS requires that domestic partners file their taxes separately. If there are children, you will need to verify your local laws to see if you are eligible for deductions. You may not be able to extend healthcare coverage or community assets to your partner. Estate planning will differ from a marriage.A cohabitation agreement, which can be used to formalize partnerships, may also allow you to tailor your legal arrangements. It will cover standard ground such as establishing a financial base and describing how your children, property, and debt will be handled in the event that you separate.Modern families builtIt can be difficult to establish a LGBTQ+ family. It is possible to be affected by your relationship status or where you live. However, foster care, assisted reproduction and surrogacy come with their own legal and financial considerations.Adoptions can take place with private or public agencies, domestic or international. Potential parents will need to manage questions about tax credits, legal agreements and money. The Balance estimates that adoption fees cost around $40,000. Surrogate.com estimates that assisted reproduction via cryopreservation, IVF, or surrogacy can cost up to $60,000-150,000.LGBTQ+ families should budget for legal services to assist them in the adoption process. The laws will vary from one state to the next. Unmarried parents may not be entitled to the same rights as married parents. It's not easy to think through all of this, and it can be difficult to find the right support system.Unique financial planning requirementsWhile saving for retirement can be difficult for anyone, the LGBTQ+ community has unique challenges. Forbes Advisor points out that many LGBTQ+ retirees have had to overcome discrimination and inequalities to be able to save for retirement. However, things are getting brighter. In an E*TRADE 2021 study, over four out of five (87%) LGBTQ investors stated that they believe they have enough saved to enjoy the retirement they want.It is important to plan for retirement as soon and as often as possible. Consider when you'd like to retire, what you would like to do for your loved ones, and what your ideal retirement scenario might look. A Financial Advisor can help you determine how much to save. According to RetirementLiving, the average monthly cost for a private room at a nursing facility in 2020 was $8,121. Resource such as the Gay and Lesbian Medical Associations and the National Register of Health Service Providers can help you find LGBTQ-friendly providers.It is important to prepare financially and also to gather important legal documentation such as a healthcare proxy and healthcare directives. Also, it is worth considering the possibility of providing long term care for a loved. According to AARP, 28% of family caregivers quit saving, 23% go into debt and 22% spend their short-term savings. It is a good idea to start early if you think you will be responsible for caregiving.Financial wellness: Take pride in itPride month was born out of a Stonewall protest against discrimination. Pride month 2020 saw a landmark Supreme Court decision banning discrimination in employment based on sexual orientation or gender identity. Forbes Advisor points out that even with federal protections, systemic forces and milestones can still have an important impact on LGBTQ+ financial wellbeing today.Pride Month celebrates the historical twists, turns and triumphs of the LGBTQ+ community on the way to where they are today. It is also an opportunity to advocate for key next steps that will help bring more equality, opportunity and wellness to our community-starting with your wallet.Jon Jensen, executive director of product management, is a member of the D&I committee at Morgan Stanley at Work.This article is intended for informational purposes only. Information and data contained in this article were gathered from sources other than Morgan Stanley. Morgan Stanley does not warrant or make any representations regarding the accuracy and completeness of data or information obtained from other sources than Morgan Stanley. This information does not offer individualized investment advice. 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