6. LGBTQ+ Workers

“Historically, the LGBTQ+ community has been a demographic segment more likely to retire in poverty. However, in recent decades, the LGBTQ+ community has made great progress with the enactment of legal protections and recognition of rights. Importantly, the legalization of same-sex marriage makes same-sex spouses eligible for government and employer-sponsored retirement benefits,” Collinson said. “Today’s LGBTQ+ workers have a brighter retirement future.”

Many LGBTQ+ workers are early in their careers and getting started with retirement savings. Survey respondents self-identifying as LGBTQ+ workers are younger than non-LGBTQ+ workers (age 32, age 41, respectively) (medians). Twenty-five percent of LGBTQ+ workers are between ages 18 and 24, compared with 9% of non-LGBTQ+ workers.

Sixty-seven percent of LGBTQ+ workers are offered a 401k or similar plan by their employer, and 77% participate. Seventy-three percent of non-LGBTQ+ workers are offered a plan, and 78% participate.

LGBTQ+ workers have saved $31,000 in total household retirement accounts, while non-LGBTQ+ workers have saved $70,000 (estimated medians).

Forty-four percent of LGBTQ+ workers expect to retire at age 70 or older or do not plan to retire.

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