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While two-thirds of participants indicated they are in at least good financial health, 35% evaluated their financial situation as fair or poor. The vast majority of respondents (85%) are at least somewhat concerned about having enough income or savings to retire, with highest concern among those who are age 45 to 54, Black, and transgender and nonbinary participants. In addition to family and social supports, LGBTQ adults also reported concerns about their financial security as they age. “It’s critical that we as a society address the unique challenges and disparities that older LGBTQ adults face so they can thrive throughout their lives.” “The realities of older LGBTQ adults are often invisible, but our research shows they are clearly worried about aging with dignity, especially when it comes to finances, discrimination and family and social support,” said Cassandra Cantave, AARP Senior Research Advisor. Almost two-thirds of the lesbian women in the research said they have a child or grandchild, compared to less than one-third of gay men. Most gay men reported that they are less likely to be married, less likely to have children or grandchildren and more likely to live alone, which could put them at greater risk of becoming isolated as they age.
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More than half (52%) report being socially isolated, and 22% see a mental health professional for depression or anxiety. Nearly one-half (49%) of LGBTQ participants were either extremely or very concerned about having enough family and social supports to rely on as they age. WASHINGTON-A new AARP national survey shows many LGBTQ adults age 45 and over have concerns about aging, with worries about having enough money in retirement, discrimination and a lack of family support topping the list.