When you’re talking to your clients about retirement planning, there are a lot of options on the table. While they certainly trust you when you recommend a Roth IRA over a traditional one or let them know what they need to include in their estate plans, what about the choice of where to live?
While the lawsuit that led the Supreme Court finding the Defense of Marriage Act unconstitutional, United States v. Windsor, largely regarded tax laws related to inheritance, there were a number of additional implications the ruling had on same-sex couples across the country.
Most Americans who have been working for their entire adult lives have some plans regarding their retirement, whether that’s through a sophisticated savings plan or just keeping some money stashed between their mattress and box spring. Of course, many companies these days offer their employees an easy option to save in the form of a 401(k) or an individual retirement account (IRA).
Insurance agents and financial planners would do well to work to meet the financial demands of the lesbian, gay, bisexual and transgender community, which typically has a higher median income than the general population but overwhelmingly rates their experience in the U.S. financial industry as poor. In fact, a recent Prudential survey found that 63 percent of LGBT Americans give the industry’s attention to their community a poor rating.