The Shocking Cost of LGBTQ Retirement

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What makes LGBTQ retirement so expensive?

Did you know LGBTQ retirement costs about 40% more than the general population? And most retirement calculators don’t factor that in! Here how you solve that. Meanwhile, grab your free copy of ou 5 Building Blocks of a Happy Gay Life here.

Hear Samantha’s advice on saving for retirement

How you can have a fabulous LGBTQ retirement?

Samantha Hernandez is the lesbian money coach behind The Money Institute, a platform designed to offer the queer community a safe space to learn about personal finance. Within two years of graduating college, she had racked up $43K in credit card and student loan debt. But in the last 11 months, Samantha has paid off $10K and saved $21K for retirement, and she is using her experience (and the coaching education she’s acquired since) to help other LGBTQ+ individuals achieve financial independence. On this episode of Queer Money®, Samantha joins us to explain why retirement is 40% more expensive for the queer community and why standard online retirement calculators don’t work for us. She walks us through the factors that make gay retirement more costly, challenging us to start saving NOW—whether we’re just starting our careers or just a few years away from retirement age. Listen in for Samantha’s insight on retiring early as a member of the LGBTQ+ population and find out what YOU need to consider as you plan for a fabulous life after 65.

“The queer community actually struggles with their spending, and about 50% report bad habits. 53% report that they struggle with saving. But then when they’re asked if they have issues with money, they say no.” - Samantha HernandezClick To Tweet

Topics covered on LGBTQ retirement

How Samantha became a money pro

Document journey to debt freedom on Instagram
People reach out regularly for help and advice
Able to quit 9-to-5 and serve as a money coach

Why retirement is 40% more expensive for the queer community

Want to retire in an LGBTQ-friendly location
Cost of living much higher in gay cities

Why retirement calculators don’t work for the queer community

The estimate need 70% to 90% of current income
Use 140% to better estimate savings needed

The variables that make gay retirement more expensive

Supply and demand in queer-friendly places
LGBTQ+ more likely to live in the urban core
Higher healthcare costs and lower wages

How retirement differs for subpopulations within the queer community

Easier for those with the option to code-switch (present as straight)
Trans community may not feel safe in a corporate environment

How and when Samantha suggests planning for retirement

Start as soon as possible with 401(k) or Roth IRA
Decide how much to save based on where want to retire

Samantha’s advice for millennials around planning for retirement

Set aside 10% to 15% of current income
Contribute enough to get the corporate match

What to do if you want to retire soon but don’t have much saved

Consider working part-time vs. not at all
Buckle down on spending (live as a minimalist)

How realistic it is for members of the queer community to retire early

Must admit to challenges and start talking about money
Viable option with effective planning

How to make money part of our everyday conversations

Continue trend to bring taboo topics to light
Promote visibility in the queer community (see 7X to make change)

Connect with Samantha

The Money Institute

Resources for LGBTQ retirement

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