Bias can be financially costly for members of the LBGT community. Discrimination in employment means less money to save, and same-sex couples do not have the same access to
"For many, decades of workplace discrimination impaired their earning potential. The AIDS crisis caused lasting financial and psychological damage, particularly for gay men. And legal pitfalls within
The article also notes that some of those who spent decades fighting for their civil rights now find that they are not able to retire with dignity.
You can see why there is concern about LGBT boomers falling into poverty during retirement. Plenty of studies show that gay and lesbian couples have a lot less saved for retirement than their heterosexual counterparts. According to the
Married or not, LGBT baby boomers are less likely to be able to save for retirement as they face discrimination in hiring and wages.
Many Americans face getting older without being able to rely on family members for assistance, especially the LGBT seniors, since the majority of them don't have spouses or children to care for them. And those who can afford to move into nursing homes sometimes find that they are not welcome.
All of us need to save more and manage our money better. If you are concerned about how being a member of the LGBT community may affect your life in retirement, you should get serious about retirement planning before you are ready to stop working. Make sure you are up to date on you
Follow AdviceIQ on Twitter at @adviceiq.
AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched
Visit AdviceIQ at www.adviceiq.com
Distributed by Tribune Content Agency, LLC.