A new report from the UBS Group in Switzerland reveals increased financial risks faced by LGBT+ families.
Lack of discrimination protections for LGBT+ employees internationally and in 30 U.S. states means that members of the LGBT+ community may be fired or denied employment opportunities on the basis of their sexual orientation without legal recourse.
LGBT+ employees “may face higher job risk than heterosexual employees” UBS said, with implications for emergency fund planning.
Beyond job security, LGBT+ couples in many countries around the world where same-sex marriage is not recognized remain unable to inherit partners’ pension or welfare benefits.
Financial risks are not the same for everyone within the LGBT+ community. Women in same-sex couples have the highest joint life expectancy when compared to heterosexual couples and men in same-sex couples. With this longevity comes higher retirement risk, as women in same-sex couples need to plan for a longer and more expensive retirement.
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