Gay and lesbian couples in general are
likely to have saved far less for retirement than opposite-sex
couples.
According to an
AP analysis of the Federal Reserve's Survey of Consumer Finances
conducted by NORC, a think tank at the University of Chicago, a
typical gay couple has saved $66,000 for retirement, $22,000 less
than a typical straight couple.
Another survey by insurance behemoth
Prudential found only 14 percent of LGBT adults believe that they are
well prepared for retirement, compared to 29 percent of total
respondents.
“Data and research shows they enter
with fewer assets and retirement savings and that is reflective of a
lifetime of difficulties and in many cases discrimination,” said
Michael Adams, executive director of SAGE, a group dedicated to LGBT
seniors.
Jennifer Hatch, a retirement planner
for Christopher Street Financial, said that HIV could also be a
factor.
“In many cases they started their
families later than their straight counterparts,” Hatch told the
AP. “I think some of them wondered if they would have a future
because of HIV.”
Kathy Murphy said that she was denied
survivor benefits under Social Security after her wife died. Because
Texas does not recognize Murphy's Massachusetts marriage, she cannot
collect the $600 a month benefit.
“It's like sort of getting kicked in
the gut after a loss, you know,” Murphy said.