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The Shocking Cost of LGBTQ Retirement

What makes LGBTQ retirement so expensive? 

Did you know LGBTQ retirement costs about 40% more than the general population? And most retirement calculators don’t factor that in!

Hear Samantha’s advice on saving for retirement

How you can have a fabulous LGBTQ retirement?

Samantha Hernandez is the lesbian money coach behind The Money Institute, a platform designed to offer the queer community a safe space to learn about personal finance. Within two years of graduating college, she had racked up $43K in credit card and student loan debt. But in the last 11 months, Samantha has paid off $10K and saved $21K for retirement, and she is using her experience (and the coaching education she’s acquired since) to help other LGBTQ+ individuals achieve financial independence. On this episode of Queer Money®, Samantha joins us to explain why retirement is 40% more expensive for the queer community and why standard online retirement calculators don’t work for us. She walks us through the factors that make gay retirement more costly, challenging us to start saving NOW—whether we’re just starting our careers or just a few years away from retirement age. Listen in for Samantha’s insight on retiring early as a member of the LGBTQ+ population and find out what YOU need to consider as you plan for a fabulous life after 65.

Topics covered on LGBTQ retirement

How Samantha became a money pro

  • Document journey to debt freedom on Instagram
  • People reach out regularly for help and advice
  • Able to quit 9-to-5 and serve as a money coach

Why retirement is 40% more expensive for the queer community

  • Want to retire in an LGBTQ-friendly location
  • Cost of living much higher in gay cities

Why retirement calculators don’t work for the queer community

  • The estimate need 70% to 90% of current income
  • Use 140% to better estimate savings needed

The variables that make gay retirement more expensive

  • Supply and demand in queer-friendly places
  • LGBTQ+ more likely to live in the urban core
  • Higher healthcare costs and lower wages

How retirement differs for subpopulations within the queer community

  • Easier for those with the option to code-switch (present as straight)
  • Trans community may not feel safe in a corporate environment

How and when Samantha suggests planning for retirement

  • Start as soon as possible with 401(k) or Roth IRA
  • Decide how much to save based on where want to retire

Samantha’s advice for millennials around planning for retirement

  • Set aside 10% to 15% of current income
  • Contribute enough to get the corporate match

What to do if you want to retire soon but don’t have much saved

  • Consider working part-time vs. not at all
  • Buckle down on spending (live as a minimalist)

How realistic it is for members of the queer community to retire early

  • Must admit to challenges and start talking about money
  • Viable option with effective planning

How to make money part of our everyday conversations

  • Continue trend to bring taboo topics to light
  • Promote visibility in the queer community (see 7X to make change)

Connect with Samantha

Resources for LGBTQ retirement

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