Take Pride In Your Money: Preparing to Age Gay and Alone

David Treece, MBA, AIF®, CLTC® |
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I am a financial advisor who helps LGBTQ+ clients plan for retirement. I have seen the effects of intolerance, bullying, and abuse towards our community in housing, caregiving, and healthcare. Unfortunately, this mistreatment can even come from family members.

Older LGBTQ+ adults—and especially those living with HIV—experience higher levels of social isolation, poverty rates, and inadequate access to culturally sensitive services and supports compared to their straight, cisgender, and HIV-negative peers.

In gay male culture, there's a focus on being young and physically perfect. This can make those who are gay and alone feel marginalized. Feeling invisible can affect mental health, reduce support networks, and lead to higher rates of depression, and

We need to support our age 65 and older LGBTQ+ community pioneers. They've worked for decades to achieve rights and recognition. Younger generations now benefit from their efforts. Having to hide their identities and go back into the closet to survive their senior years is just not acceptable.

Aging Within the Shadow of Discrimination

Although LGBTQ+ identities, relationships, and family configurations have evolved, several demographic factors still define older LGBTQ+ generations, including:

  • LGBTQ+ older adults are twice as likely to be single and live alone.
  • Gay men tend to be less connected in friendships and partnerships compared to lesbians.
  • More than 1 in 3 LGBTQ+ Americans report experiencing discrimination in the past year​. 
  • LGBTQ+ older adults are four times less likely to access aging services. This hesitation arises from feelings of insecurity or hostility, facing physical movement restrictions, challenges in securing transportation, and experiencing lower-quality social events.
  • LGBTQ+ people of color are more vulnerable to poverty and more likely to face discrimination, social stigma, and adverse health outcomes. 
  • Gender-expansive individuals, including transgender and non-binary people, experience fear and discrimination more than lesbian, gay, or bisexual individuals​.

Boomers Are Leading the Aging Revolution

Despite these concerning statistics, there is a strong movement in a more positive direction.

With the aging of the baby boomer generation, the older adult population will rise from 16% in 2020 to an estimated 21% in 2030. This solo aging wave is transforming how single seniors access financial, housing, and healthcare support.

Organizations and institutions are examining every aspect of how they interact with and provide services to aging customers. More senior service and healthcare systems are providing cultural competency training to better care for LGBTQ+ seniors they serve.

Single Seniors Don’t Have To Go It Alone

LGBTQ+ older adults can find numerous ways to connect in the community to increase a sense of belonging:

  • Connect with local LGBTQ+ senior centers that offer drop-ins, peer-support or discussion groups, referral services, fitness programs, classes, and social activities. 
  • Research inclusive housing: 48% of LGBTQ+/SGL couples experience adverse treatment when seeking senior housing, so it's no surprise that leading many seek out LGBTQ+-welcoming housing options. Education on inclusivity in housing and long-term care settings—along with the growing LGBTQ+ senior population—is leading to more LGBTQ+-focused facilities and communities. The Stonewall Bridge in New York City, The Residences at Equality Park in Florida’s Wilton Manors, and Mary’s House in Washington, D.C. serve as housing models for what is possible and replicable. 
  • Encourage community dialogue to counter ageism and build understanding between LGBTQ+ generations. To see and value someone, one must hear and understand them. SAGE Table is an easy-to-implement activity that doesn’t require too much effort!
  • Revisit your financial plan to ensure you have the most options to make the best decisions. Insurance requirements, healthcare needs, living situations, and legal documents change as you age. Check in with your financial advisor regularly to ensure it meets your current and future needs.

Treece Financial Group has 30 years of experience with solo aging and elder care issues, including establishing caregiving services, long-term care, working with experts in identifying assisted living facilities, assisting with the physical move to a facility, retro-fitting housing to stay at home, planning for death, and dealing with dementia and other health-related issues.

We’re here to help you continue aging out loud, proud, and prepared. Schedule a quick consult with Team Treece.
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The views and opinions are those of David Treece and should not be construed as investment advice. The views and opinions are not necessarily those of Cetera Advisors LLC.