When it comes to investing money for retirement, 65 percent of LGBTQ respondents say they're in growth- rather than preservation-oriented assets . (Photo: Shutterstock)
They see the need for caution. But compared to other retirees and pre-retirees, lesbian, gay, bisexual, transgender, or queer Americans actually take bigger investing risks.
So says a study from Massachusetts Mutual Life Insurance Co., which finds that while LGBTQ respondents are more likely to say they should become more conservative with their money as they approach retirement (42 percent) than to maintain a more aggressive investment strategy (28 percent), what they actually do is not consistent with that.
While both LGBTQ respondents to the MassMutual LGBTQ Retirement Risk Study and the general population believe that their retirement savings will last a median of 25 years, LGBTQ respondents plan to spend a median of 22 years in retirement.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
