Hello! Are you new here? We’re glad you found our gay little corner of the internet. Here at Debt Free Guys, we’re all about helping queer people live a life they truly love inside and out. We believe that happiness is a 360 degree experience (purpose, love, money, well-being and lifestyle) that you too deserve. After reading our article below, Find out here how we can help you.
What Makes Retirement So Expensive for LGBTQ People?
Did you know that LGBTQ retirement costs approximately 40% more than the general population? And most pension calculators don’t take this into account! Here’s how to solve it. In the meantime, get your free copy from us 5 building blocks for a happy gay life Here.
Hear Samantha’s advice on saving for retirement
How can you have an amazing LGBTQ retirement?
Samantha Hernandez is the lesbian money coach behind The Money Institute, a platform dedicated to providing a safe space for the queer community to learn about personal finance. Within two years of graduating from college, she had accumulated $43,000 in credit card and student loan debt. But in the last 11 months, Samantha has paid off $10,000 and saved $21,000 for retirement, and she’s using her experience (and the coaching training she’s since gained) to help other LGBTQ+ people achieve financial independence to help. In this episode of Queer Money®Samantha joins us to explain why retirement is 40% more expensive for the queer community and why traditional online retirement calculators don’t work for us. She walks us through the factors that make gay retirement more expensive and challenges us to start saving NOW – whether we’re just starting our careers or just a few years away from retirement. Listen to Samantha’s insights into retiring early as a member of the LGBTQ+ population and find out what YOU need to consider when planning a fantastic life after 65. 
LGBTQ Retirement Topics Covered
How Samantha Became a Money Pro
- Document your journey to debt freedom on Instagram
- People regularly turn to us for help and advice
- Can leave the 9am-5pm office routine and act as a money coach
Why retirement is 40% more expensive for the queer community
- Would you like to retire in an LGBTQ-friendly place?
- The cost of living is much higher in gay cities
Why retirement calculators don’t work for the queer community
- The estimate requires 70% to 90% of current income
- Use 140% to better estimate the savings required
The Variables That Make Retirement More Expensive for Gays
- Supply and demand in queer-friendly places
- LGBTQ+ tend to live in the city center
- Higher healthcare costs and lower wages
How retirement differs for subpopulations within the queer community
- Easier for those with the option to code switch (as just shown)
- The trans community may not feel safe in a corporate environment
How and when Samantha suggests planning for retirement
- Get started with a 401(k) or Roth IRA as soon as possible
- Decide how much you want to save depending on where you want to retire
Samantha’s retirement planning advice for millennials
- Set aside 10 to 15% of current income
- Contribute enough to get the company match
What to do if you want to retire soon but don’t have much saved?
- Consider working part-time or not working at all
- Reduce your spending (live as a minimalist)
How realistic it is for members of the queer community to retire early
- Need to admit challenges and start talking about money
- Feasible option with effective planning
How we make money a part of our everyday conversations
- Continuing the trend of bringing taboo topics to light
- Promote visibility in the queer community (check out 7X to make changes)
Connect with Samantha
LGBTQ Retirement Resources
