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How LGBTQ Families and Retirees Can Stop Stressing

  December 11, 2018  |    #Live Fabulously

Hey, LGBTQ families and retirees, stop stressing!

What is the financial ‘State of the American family’? What concerns do LGBTQ families share with our straight peers and where do we diverge? Is the queer community ready for a retirement that lets us live fabulously well into our on golden pond years?

Hear how LGBTQ families and retirees can sleep at night

There’s no way to control the unexpected but you can take the steps to be prepared if something happens. - Lisa Campbell of MassMutualClick To Tweet

Learn about the state of LGBTQ families and retirees

Lisa Campbell and Stephen Brokaski are Marketing Consultants with MassMutual, a life insurance and financial services firm dedicated to supporting policy-owners and clients in achieving their financial goals.

Today, Lisa and Stephen join us to discuss the findings of MassMutual’s recent State of the American Family Study and LGBTQ Retirement Risk Survey. Lisa outlines the top financial priorities among LGBTQ families, explaining how to prepare for the unexpected, pay down debt, and reduce the risk of becoming a burden on your children. She covers the difference between bad debt and good debt, which can be paid off with this, and offers advice around making strong short- and long-term financial decisions.

Stephen introduces us to the highlights of the Retirement Risk Survey, sharing our community’s worries around healthcare costs and having enough money to enjoy retirement. He describes how LGBTQ respondents were more confident in their retirement readiness and more comfortable with market risks, yet less likely to work with a financial advisor. Hear the benefits of connecting with a professional who understands your unique needs and learn how MassMutual is working to earn the trust of the LGBTQ community!

The financial state of LGBTQ families and retirees

MassMutual’s State of the American Family study

  • Effort to understand attitudes on finances, financial planning
  • Different ethnicities, economic groups and family structures

How LGBTQ respondents defined the American Dream

  • Financial security for me and my family
  • Own home, not living paycheck to paycheck

The low confidence levels among LGBTQ respondents

  • 40% did not see American Dream as possibility
  • Less confident in ability to achieve financial security

The top priorities among LGBTQ respondents

  • Financially prepared for the unexpected
  • Adequate emergency fund
  • Pay down debt
  • Avoid becoming burden to family
  • Confidence in financial decision-making

How the LGBTQ community can prepare for the unexpected

  • Life insurance
  • Disability income insurance

Lisa’s advice around creating an emergency fund

  • Separate account with automated savings plan
  • Allocate 3 to 6 months of salary

The differences between bad debt and good debt

  • Bad debt diminishes worth, no lasting value (e.g.: credit cards)
  • Good debt adds value, generates long-term income (e.g.: student loans, mortgage)

How to prioritize paying down your debt

  • List and rank debt
  • Pay off highest interest rates first
  • Make extra payments

How to reduce your risk of becoming a burden on your children

  • Initiate conversation around beneficiaries, retirement investment
  • Put together family care giving plan and organize info in one place
  • Consult with professional re: long-term care options

Lisa’s tips on short-term financial decision-making

  1. Develop budget and stick to it
  2. Goal to reduce household expenses
  3. Create emergency fund

Lisa’s tips on long-term financial decision-making

  1. Develop plan to pay down debt
  2. Save for college (minimize debt for children)
  3. Build retirement nest egg (15X annual income)

MassMutual’s Retirement Risk Survey

  • Understand investment preferences, philosophy
  • Survey of people already planning for retirement

Why LGBTQ respondents believe their retirement savings will last

  • Plan to retire later than general population
  • More comfortable taking market risks

How LGBTQ retirees can prepare sufficient retirement savings

  • Avoid ‘bad plan’ behavior (i.e.: withdraw $ for big expenses)
  • Work with advisor to understand investment risks

Why LGBTQ respondents believe they need less retirement savings

  • More confident, better prepared than general population
  • Higher percentage of single respondents

The benefits of working with a financial advisor

  • Educate on approach, risk-tolerance
  • Lend discipline to process

Mass Mutual’s dedication to supporting the LGBTQ community

  • Dedicated community page on website
  • Advisors focused on unique needs

Stephen’s advice around preparing for retirement

  • Find a trusted financial advisor, share unique needs
  • Track expenses and identify areas to make change

Connect with Lisa & Stephen

Resources for LGBTQ families and retirees 

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What’s the current financial state of LGBTQ families and retirees? How can we make it better? Find out on this Queer Money™. Money | Stress | LGBT Families | LGBT Retirement | Gay | LGBTQ Issues | LGBTQ Business | Queer | Queer Money | Podcast | MassMutual | Gay Men | Gay Men and Relationships | Happiness | Lesbian | Bisexual | Transgender | Debt Free | Debt Free Guys |

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