Long-term budgeting is essential when it comes to retirement, but commonly gets pushed to the back burner for more immediate needs and goals; beyond that, LGBTQ+ individuals, partners and families, in particular, often face challenges that can affect their finances both before and during their golden years.
One reason? A wage gap among LGBTQ+ workers, who tend to earn significantly less than their cisgender, heterosexual counterparts — about 90 cents for every dollar, according to an analysis by the Human Rights Campaign Foundation. LGBTQ+ people of color, transgender individuals and non-binary folks earn even less, with transgender women earning just 60 cents for every dollar the typical worker earns.
And while the LGBTQ+ community has made equal rights progress, LGBTQ+ folks along with their partners and families may still struggle to find financial guidance that addresses their needs, whether it’s how to handle housing discrimination when purchasing a home, credit problems following a name change, healthcare costs for gender-affirming surgeries or hormone therapy, or other issues.
An LGBTQ+ supportive financial planner can be a valuable resource, and to help even further, we’ve gathered saving and spending advice from top pros. These tips from LGBTQ+ educators and financial planners can help you tackle current concerns and plan for the retirement you envision.