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Retirement and estate planning differences matter for LGBTQ+ couples

On Behalf of | Nov 3, 2020 | LGBTQ+ Law

As an LGBT+ couple, you want to look at how your differences might still work against you. The United States finally recognized the right for LGBT+ couples to marry several years ago, but there are still many people who have suffered from personal, financial and professional discrimination because of their sexual preferences.

Many LGBT+ people now face a retirement savings gap because of these issues. In 2017, data showed that around one in five LGBTQ+ people felt discriminated against when being hired, and 22% reported feeling that they were not paid the same as their heterosexual peers. Others believe they were not considered for promotions at the same rates as their straight peers.

There were significant differences in earnings for the LGBTQ+ community

This means that these individuals may not have, or have had, the opportunities to save that they needed. Research found that 46% of straight males made more money than gay men, at $83,469 compared to $56,966. The same was true for gay women, who were outearned by their straight counterparts by around 11%. Their salaries were an average of $45,606 to $51,461.

Earning less can have a significant impact on retirement savings and quality of life. Making up that gap isn’t going to be easy, but it is possible. If you and your spouse are looking into saving for retirement or want to start planning your estate, now is a good time to talk to your attorney about doing so. There may be steps you can take to get money you’re owed due to discrimination. There could be methods of saving that will help protect your assets and your benefits moving forward as well.