Here are a few of the hurdles of LGBTQ+ retirement planning — and how planners recommend jumping them.
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1. It’s harder to save LGBTQ+ workers earn about 90 cents for every dollar earned by the average worker, according to a 2022 analysis from the Human Rights Campaign Foundation, an educational organization focused on LGBTQ+ civil rights. They’re also more likely to report working part time or as a freelancer or contractor.
Read: Which companies are true LGBTQ+ allies? Figuring it out can be tricky for consumers — but here’s how. “Many of us would like to age in our own homes and near our chosen family or our community,” says Frank Summers, a CFP in Charlotte, North Carolina. “Home-based care is one of the more expensive options. We need a plan for that.”
Long-term care coverage can also help cover the costs of an LGBTQ-friendly nursing home, which may be located in a bigger city and therefore more expensive.3. Inheritance laws don’t work in their favor LGBTQ+ adults are less likely to be married, which means that inheritance laws that favor spouses don’t always apply. “Depending on their state, all of their assets might flow to their parents, who they might not have a good relationship with,” Tan says.
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