Due to a lifetime of economic exclusion, workplace discrimination, and diminised earnings means LGBTQ elders have reduced retirement savings as compared to straight peers. Ensuring economic security for LGBTQ folks’ golden years, and the proper inheritance of assets, requires financial planning tools the queer community cannot easily access.

In general, 1-in-6 of Americans 65 off older are living in poverty, according
to U.S. Census. But LGBTQ elders lack support networks their heterosexual peers
possess: LGBTQ elders are 2x as likely to be single, and 3-4x as likely to be without
children. 9.1% of elder lesbian couples, and 4.9% of elder gay couples, struggle with poverty as compared to 4.6% of straight couples.

To help future generations of LGBTQ individuals in planning for their unique needs in retirement and aging, a financial institution might be beneficial in offering retirement planning and accounts, as well as considering fostering beneficial retirement funds in order to support the needs of members as they age. In addition to traditional lending tools (such as equity-draining reverse mortgages) other creative financial tools might be possible to address the insecurity of LGBTQ elders and help them access funds to live more vitally and fully in their golden years.

Lastly, court distribution of assets at the end of a life can thwart the intentions, even the stated wills, of the departed. This is particularly so for LGBTQ families where there is at time little or no legal relationships between the family members. To ensure that assets pass onto loved ones without clear legal relationships at times requires the formation of “trusts” or “trust account” instruments which can direct assets to rightful parties. However, despite a clear need for them, LGBTQ communities do not have widespread access to these services.