According to an exclusive analysis by the Associated Press-NORC
Centre for Public Affairs Research, same-sex couples are not that financially prepared
for retirement compared to their straight counterparts.
The LGBT community will most likely have less retirement
savings and fewer benefits that they can get through their spouses. In addition
to this, they will also most likely need long term care since most of them don’t
have children to take care of them as they grow older. Another significant factor
is the fact that various laws from different states make it hard for LGBT
couples to plan for retirement.
In order to plan accordingly for retirement, here are some planning
tips for LGBT couples:
- Know local laws
- Re-check your employer's policies
- Long term care insurance policy
- Double check your documents
- Straight or gay you need to save
- Get married if you can
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