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Q-NOTES • MAY 8 . 2004
Sat May 1
UnderBear Party Underwear ^
Country Night Early with DJ Adam
"'Sat May 8 ■ -
Il03th0r MlQht! hosted by Cat)ital|t!^thermen ^
Sat May 15 ' '
Ddddy Party hosted by IKe Adams|
Country Night Early with DJ Adam
Sat May 22 ^
Meet NC Gay Rugb^yg^e.am
The "KodlaKs”
www.Kodiaksrfc.org
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Ml*
Sun May 30
Co LI n try T y rtie^'ij^stj^n ihc
Food - ChIcKen'plciv^J^'pmf
Country Show a:30pm hosted by^Mihi t^aii|i^ ^
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com, www.manhuntei^ideoTcom &^wy^.cobrastudios.com
5
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919
Mon Dollar Nighf
Tues .... Karaoke 9pm-till
Wed .... Country Night 8-Mid lessson 9:30'
Thurs .. Comedy Drag Trailer Park Prize Night
Fri EASY Night Music by Gary^
Pool Tournament 11pm *
Sat Country Music 8-10:30 (1st/3rd Sat^
Sun ...:. T-Dance
New Karaoke 9:30pm-
A
LGBT boomers are late
starters for saving
'Retirement Catch-Up Guide' author
offers planning ideas
by Colin F. Browne
Only a few years ago, Tom Shelton didn’t
give much thought to saving for retirement.
A single gay man living in Ft. Lauderdale,
Fla., he was busy building a successful real
estate business. Fie was paying a mortgage.
He was traveling. He enjoyed expensive
hobbies, like keeping horses.
“What I’ve spent on my horse’s upkeep
over the last lO years, I could have sent
myself to Harvard. Twice,” quips Shelter.
“It really hit me when I turned 40,” he said.
“I was getting older, and I had almost no sav
ings. Besides my house, I had no cushion. I
knew I didn’t want to show houses forever.
Being old and having to work was depressing.”
The generation that isn't saving
According to retirement experts, Shelton’s
situation is the norm, rather than the excep
tion. Many baby boomers haven’t yet come
to terms with their retirement needs and
have a lot of catch-up saving to do.
A poll by Maritz Research found that one
in four Americans aged 35 to 54 has saved
less than $5,000 for retirement.
Many lesbians and gay men entering
middle age have found themselves in the
position of needing to reevaluate how they’re
living their lives — and spending their money.
Tommy sought professional advice to
get his retirement funds going, including a
40I (k) and a Roth IRA. He found a financial
planner, filled out a questionnaire about
his,goals and got on track.
Now, at 52, he can consider quitting
real estate one day.
“i didn’t want to become one of those
strange gay uncles, who visits relatives and
• then stays for months. Besides, who would
take me and my horse?”
Procrastination
Scott Bordelon, a financial planner in
Covington, La„ believes that the problem
for many Americans is that they procrasti
nate when it comes to retirement saving.
“People say, once I pay off my credit
card debt, once I get the house paid off,
then I’ll start saving for retirement,” he said.
“That’s not a good strategy. You need to
allocate something to all your goals.”
He also is an
advocate of the
“pay yourself first”
philosophy.
“A lot of peo
ple say they’ll
save whatever is
left over at the end
of the month.
Well, there’s never
going to be anything left over.
You have to save first, then
spend what’s left.”
The first account to fund is a company-
sponsored 40l(k) retirement account, said
Bob D. Scharin, editor of the RiA’s Practical
Tax Strategies. With 401 (k)s, each dollar you
contribute is deducted from your taxable
income, and your savings grow tax-deferred.
“If your employer offers matching
money, you should definitely be trying to
contribute at least to the maximum you’ll
get matched on,” he said.
What if your employer doesn’t offer a
retirement savings program?
Workers can set up their own Individual
Retirement Accounts, Scharin said. Savers
can put aside up to $3,000 a year in pretax
money, or $3,500 if they’re 50 and over.
Playing catch-up — difficult, but workable
Ellen Hoffman, author of “The
Retirement Catch-Up Guide," notes that
there are alternatives for boomers who feel
they haven’t saved enough.
“If you’re 30, you skip a meal a week in
a restaurant and put that into savings and
you’ve got a good start,” Hoffman said. “If
you’re 50, you face tough decisions — and
there aren’t easy answers.”
One possibility is to try to earn more, cither
by pushing for a raise or by changing to a job
that pays more and has better benefits, she said.
Another is to consider working two or three
years longer than you intended to keep money
coming in and to boost pension benefits.
“Or get a part-time job now ^ moon
light, consult and save every penny you
can,” she said.
Hoffman also suggests that boomers
start “downsizing” to reduce their money
needs now and in the future. That could
include moving to a smaller house with
lower utility, insurance and maintenance
costs. And lower taxes.
...
If you have a pet,
we should be your vet!
Dr. Margurette Straley
Dr. Leland McLaughlin, Jr.
Freeefom
Animal Hospital
3055 Freedom Drive
Charlotte, NC 28208
Phone; 704-399-6534
Fax: 704-391-02I0