In questions aimed at better understanding the impact of impending retirement on Gay, Lesbian, Bisexual and Transgender (GLBT) Americans, the Mature Market Institute found that Boomers in these groups are particularly likely to worry about their later years, 41% compared to 33% in the heterosexual population. Staying healthy later in life is the most frequently cited consideration for satisfaction in retirement among GLBT Boomers; financial concerns are second.
Those in the GLBT cohort have significantly greater apprehension about being alone once they retire. One in seven (14%) report lack of companionship as their greatest fear, compared to just six percent of heterosexuals.
" Despite their comparatively moderate concern over finances, only half (54%) of those in the GLBT group are saving at a rate needed to maintain their lifestyle in retirement,"said Timmermann. "Of significant interest is that 16% of GLBT Boomers say they spend no time at all on retirement planning."
GLBT Boomers are just as likely as heterosexuals to expect to continue working beyond retirement age, but they are more likely than the heterosexual population to say that their reasoning is financial. They are also more likely (40%) than heterosexuals (28%) to express concern about physical limitations that may inhibit their ability to function as they get older.
Findings from the MetLife Mature Market Institute overall study include the following:
Boomers are delaying retirement until they believe they will have enough money to retire. In 2001, they believed they would retire between ages 55 and 64. Today, the median retirement age is between 65 and 70. 60% would prefer to retire before age 65
. 17% say they will keep working indefinitely, a 10% increase. The number of Baby Boomers who feel retirement will improve their lifestyle declined by half, from 27% in 2001 to 13% in 2005, with 20% of women now saying they will have to scale back „a lot.
Baby Boomers recognize they are likely to need some form of long-term care, but they have not purchased long-term care insurance. Many believe, erroneously, that government programs will pay for their long-term care needs.
Retirement vehicles are unchanged. Most Boomers cite savings or investments, pensions, 401 (k) plans and Social Security as their primary source of retirement income.
Boomers are not concerned with leaving an inheritance. Three in four (74%) say they are unlikely to restrict their spending in retirement to leave money for others.
Almost half (48%) of Boomers plan to work beyond the traditional retirement age, almost equal to the 2001 figure. Of those who plan to continue working, 69% will do so to stay active and engaged, up from 42% in 2001.
Zogby International conducted interviews of online participants chosen from a panel of people ages 41 to 59 who have agreed to participate in Zogby polls online. Weights were added to the final sample to more accurately reflect the Baby Boomer population by race and gender. Questions were identical to those posed in the 2001 survey. The margin of error for the overall 2005 survey was +/-2.3%. Additional questioning was conducted among a panel in the same age group who identified themselves as gay, lesbian, bisexual or transgender. The margin of error for that portion of questioning was +/-4.3%.
The MetLife Mature Market Institute is MetLife's information and policy resource center on issues related to aging, retirement, long-term care and the mature market. The Institute, staffed by gerontologists, provides research, training and education, consultation and information to support MetLife, its corporate customers and business partners.
Editor's Note: Report available at: http://www.maturemarketinstitute.com/
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