LGBTQ+ Americans Have Bigger Retirement Savings Goals

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LGBTQ+ Americans are among the most diligent savers when it comes to planning for their retirement, according to a new survey from Lincoln Financial Group.

The 2021 Retirement Power Study found that LGBTQ+ respondents believe they should earmark a median of 20% of their annual salary for retirement. By contrast, among the broader population, workers say they should save a median of 15% of their salary for retirement.

In addition, among LGBTQ+ respondents:

  • 31% increased their retirement plan contribution rate in the last year. That compares to 23% of the broader population.
  • 45% said they followed the performance of their investments somewhat or much more closely last year.

Despite market volatility and uncertainties surrounding the pandemic, “this community has not put their financial futures on hold, instead focusing on long-term goals to achieve the retirement they envision,” says Jamie Ohl, executive vice president and president of Workplace Solutions, Operations and Brand for Lincoln Financial Group, in a press release.

It is possible that fear is behind some of this increased attention to retirement saving. A larger percentage of LGBTQ+ respondents (53%) worry they will never be able to retire as compared to people in the broader population (39%).

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