However, study also found that majority want to leave a positive life legacy
SPRINGFIELD, Mass., October 24, 2016 –New research from Massachusetts Mutual Life Insurance (MassMutual) found that 6 in 10 LGBT adults (62 percent) aged 45-60 currently do not have a will. Furthermore, nearly 2 in 5 (39 percent) respondents surveyed reveal that they have not documented important financial information.
Despite not having adequate planning in place, of the individuals surveyed, 35 percent said they want to leave a positive legacy to be remembered as being a great friend, with 18 percent wanting to be thought of as a generous person.
“Leaving a positive, meaningful legacy is important for LGBT adults,” said Wonhong Lee, head of Diverse Markets at MassMutual. “That's why we want to help them align their legacy, values and aspirations when planning for their loved ones’ financial future.”
MassMutual offers the following tips to help plan now for your financial future:
1. Document financial information. MassMutual offers a “What my loved ones need to know” guide to help capture critical information.
2. Update beneficiary information and review it annually for necessary updates.
3. Draft a will. The consequences of not having a will could become troubling and expensive for loved ones.
4. As retirement nears, get up to speed on Social Security.
5. Contact a financial professional. Professional guidance would be helpful when starting conversations with your loved ones.
“MassMutual is here to help people secure their future and protect the ones they love," said Lee. “By taking the time now to plan for the future – especially in light of the legalization of same-sex marriage –members of the LGBT community can achieve financial well-being needed to appreciate life’s most important moments and be more confident in their loved ones’ futures and the memories they leave behind.”
To learn more about preparing for your financial future, visit massmutual.com/lgbt.
The 2016 MassMutual Lasting Legacy Survey was conducted online, in English, by Ipsos from August 8-14, 2016. For the survey, a sample of 2,500 Americans ages 45-60 was interviewed – including 500 Latinos, 500 African American and 500 LGBT members of the community.