Gay Gen Xers and Trump’s Tariffs
With President Trump’s recent tariff announcements causing market fluctuations, it’s natural for gay Gen Xers to feel concerned about their retirement portfolios. As co-host of Queer Money® and a fellow Gen Xer, I understand the importance of navigating these economic shifts with informed strategies to secure our financial futures.
In a recent article on Investopedia, financial expert Tom Barkley discusses the unique challenges LGBTQ+ individuals face in retirement planning. He emphasizes the importance of proactive financial strategies and seeking inclusive financial advisors who understand these needs.
Additionally, financial advisors highlight the importance of detailed planning and understanding all options regarding retirement planning. They stress the need for LGBTQ+ individuals to build substantial savings to cover potential increased costs due to family structure and location.
Why This Matters Right Now
Tariffs may feel like a distant macroeconomic concept, but their real-world effects ripple into our portfolios, purchasing power, and peace of mind. As of early 2025, the return of aggressive trade measures under Trump’s campaign platform is already spooking the markets. That means increased volatility for retirement accounts, especially those heavily invested in equities or international assets.
For many gay Gen Xers, this is more than just a blip on a chart. We’re the generation caught between still recovering from decades of LGBTQ+ workplace and legal discrimination and rushing to catch up on retirement savings. Many of us entered adulthood during the height of the HIV/AIDS crisis, faced employment barriers due to our identity, and are now often without the family support structures our straight peers might rely on. Add in housing unaffordability, caregiving burdens, and late-in-life financial awakenings—and you’ve got a recipe for retirement anxiety.
That’s why it’s so essential for us to be proactive—not reactive—when the markets wobble.
LGBTQ+ Retirement Realities
Let’s talk facts. A recent survey from the Center for LGBTQ Economic Advancement & Research (CLEAR) found that 54% of LGBTQ+ Gen Xers have less than $100,000 saved for retirement, and over 40% expect to rely on Social Security as their primary source of income in retirement. That’s a red flag, especially in light of Social Security’s long-term funding concerns and the unique risks queer people face as we age.
According to SAGE, older LGBTQ+ adults are twice as likely to be single and four times less likely to have children than their non-LGBTQ+ peers. Translation? We’re more likely to go it alone financially. No built-in caregiver safety net. No spouse’s 401(k) to fall back on. No kids are needed to help pay long-term care bills. That makes building a rock-solid retirement plan even more critical.
What Do Tariffs Have to Do With It?
When tariffs rise, the price of imported goods goes up. That leads to inflation, especially everyday essentials like food, electronics, and cars. At the same time, businesses facing higher costs may scale back hiring or cut wages. Investors often react to tariff news by selling stocks, particularly in sectors like tech, consumer goods, and industrials.
If your retirement portfolio is exposed to these areas (and most are), the value of your investments can drop sharply in the short term. And if you panic-sell during one of these drops? You lock in those losses, potentially jeopardizing your long-term goals.
To navigate these turbulent times, consider the following action items:
1. Maintain a Long-Term Perspective
It’s tempting to check your 401(k) or Roth IRA during a dip and feel like the sky is falling. But retirement investing is a long game. The old saying goes, “Time in the market beats timing the market.”
Historically, the U.S. stock market has rebounded from every significant downturn—from the dot-com bust to the Great Recession and the COVID-19 crash. That’s why having a diversified portfolio and sticking to your plan matters more than chasing trends or reacting to the news cycle.
That said, diversification is key. If your portfolio is heavy in one sector or international stocks, consider discussing reallocating with a financial advisor to spread your risk more evenly.
💡 Queer Money Tip: Review your portfolio’s asset allocation at least once a year. Rebalancing can help you reduce exposure to riskier sectors and maintain your target mix of stocks, bonds, and cash.
2. Consult an Inclusive Financial Advisor
Not all financial advisors are created equal, especially when serving the LGBTQ+ community. From understanding the tax implications of domestic partnerships to advising on survivor benefits for queer couples, an inclusive advisor can offer customized strategies that reflect your real life.
Resources like the LGBTQ+ Financial Planning Guide from the CFP Board or Gay Money can help you find professionals who specialize in queer finance.
Make sure your advisor understands:
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The legal landscape of your state (especially if you’re not married)
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Healthcare costs and access for LGBTQ+ retirees
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Estate planning needs, including powers of attorney and health directives
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Long-term care insurance options tailored to solo or chosen-family aging
🗣 Pro tip: Ask your advisor what percentage of their client base identifies as LGBTQ+. If it’s low—or if they seem uncomfortable discussing queer-specific topics—it may be time to keep looking.
3. Regularly Review and Adjust Your Financial Plan
Retirement planning isn’t a “set it and forget it” endeavor. Markets shift. Tax laws change. Life happens.
Whether you’re 5, 10, or 20 years away from retirement, it’s essential to review your plan regularly:
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Are you maximizing tax-advantaged accounts like Roth IRAs or HSAs?
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Have you reviewed your Social Security strategy?
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Are you tracking how inflation (especially tariff-related) may impact your budget?
Use financial planning tools like NewRetirement or consult an advisor to simulate your retirement income needs under different scenarios. Planning for worst-case outcomes (like a recession or healthcare shock) ensures you’re better prepared for the real world.
✍️ Queer Money Tip: Set a recurring calendar event to check your retirement plan every six months. Tie it to something fun—like a payday treat or Friday happy hour—so it becomes a habit, not a hassle.
Summary
By adopting a proactive and informed approach, you can safeguard your retirement against the uncertainties of tariff-induced market fluctuations. It starts with knowledge. Then it’s about building a plan that reflects your values, needs, and lifestyle.
Being a happy, healthy, and financially prepared gay Gen Xer doesn’t happen by accident—it happens by design. So take control of your money, your future, and your joy.
Vitae
I’m John Schneider, a Social Marketing Specialization student at Northwestern University, co-creator of Queer Money® and the Debt Free Guys®, where we help LGBTQ+ folks live fabulously—not fabulously broke. We’ve helped thousands of queer people crush debt and build wealth through our podcast, blog, and community. Learn more about how we teach financial resilience at queermoneypodcast.com and follow us on Instagram.