David Rae | Huffington Post | January 27, 2016
Is there a Pending LGBT Retirement Crisis?
While the LGBT community is benefiting from increasing financial prosperity and legal recognition, many economic challenges hit us harder than they do for straight citizens. Like everyone else, we are currently facing a retirement planning crisis but one that may well go beyond the risks of the rest of America.
News flash, baby boomers did not die before they got old. In fact, an estimated 10,000 boomers turn 65 every day. Unfortunately, we’re in the midst of pending retirement crisis because many people in this country do not have a plan to cover their basic living expenses through what could easily be 30 years of retirement, not to mention medical costs or the inevitable challenges that come with advancing years. The ripple effect of this lack of a financial safety net, and trust me, Social Security is not going to come to the rescue here — for such a huge population could well spell an economic catastrophe in the years to come.
As a group the LGBT community faces a slew of additional retirement issues, and appears to be even less prepared than some of our straight counterparts, whose fiscal responsibility is nothing to write home about to begin with.