From the May 2010 issue of Boomer Market Advisor • Subscribe!

May 1, 2010

Queer eye for the retirement guy

"Still Out, Still Aging: The MetLife Study of Lesbian, Gay, Bisexual, and Transgender Baby Boomers," conducted with the American Society on Aging (ASA) and its constituent group, the LGBT Aging Issues Network (LAIN), which polled 1,200 LGBT individuals and 1,200 people from the general population, shows stark differences and striking similarities between the two groups with regard to attitudes, demographics and aging:

  • Members of the LGBT group are more likely to say they will be at least 70 before they can retire, 48 percent compared with 40 percent in the general population, mostly for economic reasons. Only a quarter or fewer in the LGBT group say they have saved what they need to live in retirement.
  • A higher percentage of LGBT Boomers have completed living wills, health care proxies, rights of visitation and partnership agreements, in comparison to 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.
  • In the LGBT group, men and women are equally likely to be caring for a parent or partner.
  • 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.
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