In many ways, retirement planning for someone in the LGBTQ+ community is the same as anyone else’s retirement planning: save more, spend less, invest for the long term.
But for LGBTQ+ people, there are unique challenges. Historically lower incomes mean they have less to save overall. Because they’re less likely to have children and may not have traditional family support structures, people in the LGBTQ+ community must plan more carefully for long-term care. It’s also crucial to have thorough estate planning documents, as fewer same-sex couples are married.
