Working Americans and families who identify as LGBTQ+ may be less prepared for retirement and more worried about their finances than the general population, recent data suggest. However, they are also in a position to overcome the challenges and take control of their financial future through early education and action.
“The traditional reasons why working adults are motivated to save, including marriage, buying a home, raising kids, and saving for retirement, were once restricted and much more difficult for LGBTQ+ couples,” said Steve Branton, a financial professional with Mosaic Financial Partners in San Francisco, California, who works closely with the LGBTQ+ community. “Now that this is mostly equalized, younger gay couples who hope to reach their financial goals in the same way as their straight counterparts” should educate themselves about the importance of saving and make regular contributions to their retirement accounts a top priority, he said. […]
