Are gays losing at retirement
Are gays losing at retirement? Find out here on this episode. Then download your FREE Queer Money Kickstarter, a 9-step Guide to Kickstart Your Journey to Financial Independence.
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Are gays losing at retirement?
On this Queer Money®, we are looking deeper into the question Are gay’s losing at retirement? This is the first episode in our new “How Gays Retire Fabulously” bonus series. Did you know that 44% of LGBTQ+ Americans list “having enough money to retire” as a top financial concern and 46% say that “saving for retirement” is a top financial priority? Yet, among the retired queer population, only half say they are living comfortably.
The first two data points we shared about the top financial concern and top financial priority came from the 2022 and 2023 Debt Free Guys LGBTQ+ Money studies. The other data point about half of retired folks came from a 2023 study by the National Council on Aging using the Federal Reserve Board’s annual Survey of Household Economics and Decisionmaking (SHED).
We want more queer people to have a fabulous retirement. We want all of us to be able to choose where we want to live, who we want to live with, and what kind of environment we will live in when we retire. Rather than all that being decided by our financial situation or other people. That is why data points are enlightening for us.
According to the LGBTQ Aging Center, 50% of single LGBTQ+ older Americans believe that they’ll have to work beyond the typical retirement age, compared to 27% of single non-LGBTQ+ older Americans. As single LGBTQ folks, we are almost twice as likely to have to work in retirement than our straight counterparts. Older same-sex partnered couples have about 38% less income from retirement savings than heterosexual couples. So we are not only feeling we have to work, but we also feel we are at a financial disadvantage.
How are you feeling about your current or future retirement?
For the resources and to connect with our guests, get the show notes at: https://queermoneypodcast.com/subscribe.
Previous Bonus Podcast Episodes
- 7 Most Affordable and Diverse Cities for Queer People
- 7 Most Affordable LGBTQ+ Friendly Cities for Professionals
- 10 Most Affordable LGBTQ+ Friendly Cities for Renters
Click below to listen to this bonus episode.