Data & Research March 18, 2010

LGBT Boomers Cite Additional Retirement Fears

In addition to the financial concerns of retirement, lesbian, gay, bisexual, and transgender (LGBT) Baby Boomers have fears of discrimination and dependency on others for care, according to a new study.
Reported by

The study “Still Out, Still Aging: The MetLife Study of Lesbian, Gay, Bisexual, and Transgender Baby Boomers,” conducted by The MetLife Mature Market Institute with the American Society on Aging (ASA) and its constituent group, the LGBT Aging Issues Network (LAIN), revealed members of the LGBT group are more likely to say they will be at least 70 before they can retire (48% compared with 40% in the general population). Only a quarter or fewer in the LGBT group say they have saved what they need to live in retirement.      

The study, which polled 1,200 LGBT individuals and 1,200 people from the general population, ages 45 to 64, also found 60% of LGBT Boomers fear being unable to care for themselves as they age; 35% fear becoming dependent on others; and 10% fear discrimination as they age. However, while LGBT Boomers continue to fear discrimination, 55% of the LGBT sample say they have total or near total confidence that they will be treated with dignity and respect, compared with 39% of the comparison group.     

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

A higher percentage of LGBT Boomers have completed living wills, health care proxies, rights of visitation, and partnership agreements, compared with the general population. Though both populations are likely to discuss end-of-life issues with their partners/spouses, LGBT Boomers have many more of those discussions with siblings, parents, and other relatives.      

Members of the general population are more likely to be in a relationship than those in the LGBT sample, 77% vs. 61%. However, nearly two thirds of LGBT Boomers say they have a “chosen family,” a group of people they consider family, even though they are not legally or biologically related.  
  
In conjunction with the study, the MetLife Mature Market Institute and SAGE, a non-profit agency dedicated to serving lesbian, gay, bisexual, and transgender older adults, has produced “Planning Tips for LGBT Individuals and Couples,” a consumer checklist to ensure that people have the necessary documents for financial, retirement, estate issues, available here.

Deals & People March 18, 2010

The Standard Adds to Retirement Plan Sales Team

The Standard has announced the appointment of four new pension consultants to its Retirement Plans Sales team.
Reported by

Danae Cranley is based out of The Standard’s San Francisco Retirement Plans Sales office and is responsible for sales in parts of San Francisco as well as the East Bay. Cranley most recently served as a director within The Standard’s Retirement Plans Institutional Sales Group and also worked for several years as an employee benefits consultant in the company’s Employee Benefit Sales Group. She is a graduate of Saint Mary’s College. 

Chris Malchin will be based in Chicago and responsible for sales in the greater Chicago area. Prior to joining The Standard, Malchin served as a regional sales director with The Hartford. He is a graduate of Elmhurst College.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Ken Mergen is based out of The Standard’s Philadelphia Retirement Plans Sales office located in Wayne, Pennsylvania, and is responsible for sales in eastern Pennsylvania, southern New Jersey, and Delaware. Mergen also previously served as a Regional Sales Director for The Hartford, and is a graduate of Rutgers University.  

Tem Miller is based in Atlanta, responsible for sales in Georgia, Alabama and Tennessee. Prior to joining The Standard, Miller served as the Regional Director of Sales for AUL OneAmerica. He is a graduate of The University of the South.

«