Lesbian, gay, bisexual or transgender non-retirees are more confident in their retirement savings over non-LGBT non-retirees.
According to a national survey by Wells Fargo, which was released Wednesday, 61% of LGBT individuals surveyed believe they will have enough saved by the time they retire to live comfortably, while only 53% of non-LGBT members surveyed believe the same.
However, not all categories have such stark differences in confidence levels. Of the 505 LGBT non-retirees surveyed, 36% expect to have to work during retirement to afford their lifestyle; only a slight difference from the 41% of non-LGBT non-retirees surveyed who feel as though they will have to work during retirement to afford their lifestyle.
The survey also reported that the majority of LGBT respondents would value insight and information on investing and planning for retirement.
To answer this need, the Accredited Domestic Partnership Advisor program in conjunction with the College of Financial Planning was created. Through this program, financial advisors will learn the unique financial needs and considerations that need to be taken into account when working with domestic partners and LGBT clients.