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The gay community may have unique retirement challenges ahead

06/30/11

As a growing number of states legalize gay marriage, many individuals are planning for their financial futures with a partner. Couples who put money into annuities and other retirement savings plans may be able to save a significant amount of money for their futures.

For individuals that do not live in an area where same-sex marriage is legal, they may be forced to rely purely on themselves for financial solvency in their golden years. There are not that many retirement homes that are accepting of gay couples or singles, and ignoring their desires is not an option for most individuals.

"It was hard for this generation of retirees to come out of the closet. Now there is a risk that in retirement, they will need to go back into the closet," Caroline Dabu, vice-president of retirement and financial planning strategy with Bank of Montreal, told The Globe and Mail.

Many LGBT retirees do not have children, which makes it more important to have a will that is up to date with a clear plan for the individual's estate.

Less than half of gay and lesbian boomers expressed strong confidence that they will be treated with dignity by healthcare professionals, according to a MetLife study. 

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