October 24, 2014

Gays And Lesbians Face Retirement Crisis

A new report from SAGE (Services and Advocacy for GLBT Elders) finds that LGBT Americans experience more problems approaching retirement in comparison to their heterosexual elders.

SAGE, the largest group in the nation that advocates for LGBT elders, and Harris Poll surveyed 1,857 LGBT and 519 non-LGBT people between the ages of 45 t0 75.

"There is a retirement crisis for older LGBT people. They face some of the same things other older Americans face, but they're exacerbated by their particular circumstances," said Michael Adams, SAGE's executive director.

Some insight from the survey:

27% believe that volunteer or work opportunities will no longer be open to them if others know their sexual orientation or gender identity.

36% of older LGBT people (and 43% of single LGBT people) say their health care providers don't know their sexual orientation, which may lead to discrimination, if revealed.

43% of older LGBT people are very or extremely concerned they won't be able to deal with unexpected, major emergencies in retirement, compared to 30% on non-LGBT older people.

One highlight found that 14% of LGBT elders are likely to mentor others, compared to 7% of non-LGBT older people.

Please click here to read the comprehensive report.