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LGBT boomers share retirement goals, struggles with general population

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A report from the MetLife Mature Market Institute found that LGBT boomers aren’t much different from the overall boomer population. Nearly half of LGBT boomers and 40 percent of boomers from the comparison group say they don’t expect to retire before they’re 70, and less than one-quarter say they are on track to achieve their retirement goals if they haven’t already. Nearly 60 percent of LGBT boomers report having less than $50,000 in “investable and disposable” assets, compared to 48 percent from the comparison group.

Over half of the comparison group say they are looking forward to retiring, regardless of the age they believe they’ll actually do so; 45 percent of LGBT boomers agreed. Still, the vast majority have some concerns about aging. Concerns cited by both groups were characterized by a fear of losing independence. Sixty percent of LGBT boomers say they are worried about being unable to care for themselves; 58 percent of respondents from the comparison group agreed. Becoming dependent on someone else, and becoming sick or disabled were the next biggest concerns for both groups. LGBT boomers were slightly less concerned about dementia than the comparison group; 29 percent said this was a top concern, compared with over one-third from the comparison group.