The Gay GenX Retirement Crisis
Retirement planning for gay GenXers feels a bit like trying to assemble IKEA furniture without instructions: confusing, frustrating, and often ending in tears. Between economic uncertainty, soaring costs, and unique financial challenges, many of us are wondering: Are we doomed to work until the end of time, or is there still hope for a fabulous retirement?
Hear solutions for the gay GenX retirement crisis:
Welcome to Queer Money episode #582, where we unpack the realities of gay GenX retirement, brought to you by the Happy Gay Retirement Club (HGRC)—a community helping LGBTQ+ folks secure their financial futures from their 20s to their 60s and beyond.
The Grim Financial Reality for Gay GenXers
The Numbers Don’t Lie—And They Aren’t Pretty
- 50% of GenXers are at risk of not having enough money in retirement (AARP). That’s like flipping a coin to see if you’ll be eating ramen or filet mignon at 70.
- LGBTQ+ folks face higher debt loads and fewer pensions, making retirement savings even trickier.
- Wage gaps & discrimination: 46% of LGBTQ+ workers have experienced workplace discrimination, limiting promotions, income growth, and long-term savings (Harvard T.H. Chan School of Public Health).
- The average GenXer carries $32,898 in non-mortgage debt (Experian). Credit card debt, anyone?
- 72% of LGBTQ+ folks experience high financial stress, affecting their ability to plan for retirement (Debt Free Guys/TMF LGBTQ+ Money Studies).
- 1 in 3 LGBTQ+ adults over 45 worry about retirement security and running out of money (Williams Institute).
Delayed Financial Milestones & The Price of Living Fabulous
Unlike some of our straight counterparts, many LGBTQ+ GenXers didn’t benefit from early financial stability due to:
- Late or delayed homeownership, meaning fewer years of property appreciation.
- Lack of marriage benefits for much of our lives, missing out on spousal Social Security benefits and tax advantages.
- Higher healthcare costs, including HIV/AIDS-related expenses, lack of LGBTQ+-friendly healthcare access, and pricier insurance premiums.
How Can Gay GenXers Secure Their Retirement?
1. Debt Lasso Your Way Out of Debt
Debt is like an ex who won’t stop texting—you must cut it off ASAP. Using the Debt Lasso Method, focus on paying down high-interest debt aggressively to free up more money for savings and investing.
2. Invest Like You Mean It
The rich aren’t stuffing cash under their mattresses, nor should you. Take advantage of:
- 401(k)s (if you have access—use it!)
- Roth IRAs for tax-free growth
- Catch-up contributions if you’re over 50 and need to supercharge your savings
- Diversified investments to reduce risk
3. Get Creative with Living Arrangements
Housing is one of the most significant retirement costs, so think outside the white picket fence:
- Co-housing with queer friends (Golden Girls, but make it gay!)
- LGBTQ+ retirement communities (because who wants to be the only gay in the village?)
- Downsizing to a smaller, more affordable home
- Renting out a portion of your home for passive income
4. Design Your Ideal Retirement
What would you do in retirement if you knew you wouldn’t fail? Picture it—are you traveling the world, starting a queer book club, or sipping cocktails in Palm Springs? The Fab Life Planner in the Happy Gay Retirement Club helps you reverse-engineer your dream retirement and figure out how to fund it.
5. Ditch “Rich Guncle/Auntie Syndrome”
We love our chosen families, but it’s time to shift focus if you’ve been picking up every brunch tab. Your financial future comes first. Prioritize your retirement savings before playing Santa to nieces, nephews, and godchildren.
Watch this episode:
It’s Time to Take Action—No More Wingin’ It
The worst retirement plan is no plan at all. Gay GenXers need to get real about their finances, ditch fatalistic thinking, and take proactive steps today.
Want to take control of your financial future?
- Download the Happy Gay Retirement Calculator to see where you stand.
- Join the Happy Gay Retirement Club for expert guidance, community support, and financial planning tailored for LGBTQ+ folks.
Let’s make sure retirement looks more like bottomless mimosas and less like bottomless debt. Cheers to securing our financial future, one smart money move at a time.