While preparing for retirement can be difficult for anyone, LGBTQ+ Americans face unique challenges that can cast a shadow over their golden years. For example, LGBTQ+ people over age 60 leave the workforce sooner, are less likely to believe that their retirement savings are on track, and struggle more to pay medical bills than their straight and cisgender counterparts. They’re also twice as likely to report having experienced discrimination in the past year. Edge Media Network reached this conclusion in an article based on the analysis of data from the Federal Reserve Board’s annual Survey of Household Economics and Decisionmaking, or SHED. Data from 2019 to 2021 was used to compare the nearly 500 LGBTQ+ respondents aged 60 and older with their cisgender counterparts. When asked how they were managing financially, most older LGBTQ+ adults considered themselves to be either living comfortably or doing OK. However, they also said they faced big economic challenges that could threaten their long-term well-being. Significantly fewer LGBTQ+ respondents said they owned their home, which means they have less opportunity to build equity that can be used later in life. Nearly 1 in 3 LGBTQ+ respondents retired because of health problems, 1 in 4 retired because of disliking their work, and almost 1 in 6 said they were forced to retire.
