The retirement goals in the LGBT community mirror those of heterosexuals, but the way in which members of the community prepare for those goals differs slightly, according to a new report. Those differences can stem from differing family situations, certain health issues and challenges in the workplace.
The Aegon Center for Longevity and Retirement, an international organization, recently partnered with the Transamerica Center for Retirement Studies to survey the retirement goals in the LGBT community.
According to the global results, LGBT workers are more likely to have a written retirement plan than heterosexual workers, yet the LGBT community is less likely to save consistently.
Gay men were reportedly more likely to be single. LGBT respondents were also less likely to have dependent children, which is one of the reasons, researchers said, they were less likely to be habitual savers.
“With LGBT people being more likely to be single than heterosexuals, fewer are driven by an aspiration to spend time with their family when they enter retirement,” the report said. “Living alone may also have an impact on people’s approach to retirement.”
Only 31 percent of LGBT singles said they made sure to put money toward retirement, while the number was 47 percent among members of the community who were married or had civil partners. Forty-six percent of heterosexuals in long-term relationships ensured that they had saved money for retirement and 41 percent of heterosexual singles did.
Despite the global statistics, the American LGBT community outperformed its global peers in preparing for retirement.
In the U.S., the LGBT community and heterosexuals show similar levels of readiness for retirement. And 84 percent of LGBT workers feel they have taken responsible steps toward having sufficient income during retirement (it was 92 percent for heterosexual workers).
The LGBT community in America were more likely to be married than their heterosexual peers in the survey and displayed higher levels in having financially dependent children, which can be interpreted as motivators for saving.
Also, in the U.S., 61 percent of LGBT workers, compared with 57 percent of heterosexual workers, make a habit of saving. Almost half of the respondents said they were on course to achieve three-quarters or more of what’s needed for their retirement.