David Rae has an article about retirement planning for LGBTQ+ people in Forbes. According to Rae, “More than 3 million LGBT Americans are currently over age 50, and that number is estimated to more than double over the next decade as baby boomers ride in on a rainbow-hued silver wave… There is a retirement planning crisis across the spectrum in America, but many in the LGBTQ+ community are especially at risk of not being able to maintain their standard of living in retirement. Homophobia can hurt the quality of your retirement, whether your net worth is tens of millions of dollars or close to zero.”
Man with no money showing empty wallet
Despite the old stereotype of gay affluence, “When you break it down, heterosexual individuals make more, on average, than LGBT Americans for equal work. This will also mean it is harder for LGBT individuals to participate in wealth-building activities, like properly funding retirement accounts, buying homes, and investing for the future. It may also take longer for LGBT people to pay off student loans. Not to mention, many LGBT students take on more debt after receiving less support from their families after coming out.”
