Skip directly to content

Retirement Planning

LGBT Retirement Planning

3 Tips to Discuss with Your Financial Representative

Most Americans generate income for retirement from three sources:  Social Security, an employer-sponsored retirement plan, and personal savings. However, because federal law does not recognize civil unions, same-sex marriage or domestic partnerships, LGBT couples can’t take advantage of Social Security’s spousal or survivor benefit programs. This means that properly preparing for retirement is especially important.

3 tips to discuss with your financial representative:

1. Review Your Work Retirement Plans
If you participate in a defined contribution retirement plan at work, such as a 401(k) or 403(b), you may wish to designate your partner as your beneficiary.  Unfortunately, if your company offers a defined benefit plan (specifying the amount you’ll receive at retirement), your partner may not be entitled to the same benefits as a spouse.

2. Consider Cash Value Life Insurance
If properly structured, this  cash value life insurance can provide tax-favored withdrawals or loans* to supplement your retirement income needs, while still protecting your loved ones with an income tax-free death benefit.

3. Invest in Savings and Lifetime Income Products
Products such as traditional Individual Retirement Accounts (IRAs), Roth IRAs and annuities are tax-favored and will help to ensure a continued income throughout retirement. 


Interested in learning more?  Just fill out the contact form on the right to have a MetLife representative who is experienced in assisting those in the LGBT community contact you.

* Tax-favored distributions assume that the life insurance policy is properly structured, is not a Modified Endowment Contract (MEC) and distributions are made up to the cost basis and policy loans thereafter. If the policy has not performed as expected and to avoid a policy lapse, distributions may need to be reduced, stopped and/or premium payments may need to be resumed.  Should the policy lapse or be surrendered prior to the death of the insured, there may be tax consequences. Loans and withdrawals will decrease the cash value and death benefit. Cash value may not be guaranteed. Investments in variable life insurance are subject to market risk including loss of principal.

 
All fields are required
By clicking Submit, you agree that we* may contact you at the number you've provided, possibly using an autodialer and/or including a prerecorded or artificial voice, for telemarketing or other reasons. You don't need to give this permission to get a quote or make a purchase; instead, you can call us directly at 1-877-235-1137.
*A MetLife company or a third party acting on MetLife's behalf

MetLife respects your privacy

Find a MetLife office near you.
 

Connect With Us

Facebook icon Twitter icon LinkedIn icon YouTube icon