Left Behind: The Retirement Crisis for Women and LGBTQIA+ People

The retirement crisis for women and LGBTQIA+ people is growing. This executive summary by the National Women’s Law Center explains why.

Specific factors affect our access to employer-based retirement. Women and LGBTQIA+ people earn less money overall than their counterparts do. This is because they receive lower wages and unequal pay. They experience workplace discrimination. Women also tend to perform unpaid and underpaid care work.

As a result, women and LGBTQIA+ people are working for longer periods of time. They have less overall wealth, fewer retirement savings, and less retirement income. This retirement crisis is further exacerbated by food insecurity, housing insecurity, and discrimination in the healthcare system.

Policymakers must take a comprehensive approach to address the discrimination and inequalities that contribute to the retirement crisis. We all deserve a dignified retirement with economic security.

Looking back over the last decade, Bureau of Labor Statistics data shows that women ages 65 and older experienced the largest rate of growth in labor force size compared to any other group. While the labor force participation rate for men ages 65 and over has decreased slightly over the last decade, the women’s labor force participation rate in that same age range has increased—which means more older women are working, or looking for work, than in 2013, or ever before.

SOURCE: National Women's Law Center • AUTHOR: Ashir Coillberg, Amy Matsui, and Jasmine Tucker • LAST UPDATED: January 1, 2025