LGBTQ Finances: A Matter of Trust

Episode 20: Audio automatically transcribed by Sonix

Episode 20: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in, no matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.

Speaker1:
Hello and welcome once again to take pride in Retirement. I'm Matt McClure, your host, advisor, pal, buddy, your good friend, and, uh, hopefully someone whose voice you enjoy hearing. Um, that's basically, uh, as high as I set the bar most of the time. No, I really do appreciate you taking time to join me here on the show once again this week. I really do appreciate it. You know, this, uh, adventure that we're on together, uh, with this show, is just so fulfilling. Especially knowing that you are getting something out of it. The feedback that I'm getting from the show has been something absolutely wonderful, and I wanted to start off this episode by doing a little bit of a humble brag, um, because the, uh, recognition has gone kind of far beyond what I had ever thought it might be. Um, and I'll give you an example of that. Um, take Pride in Retirement has been named one of the Top Pride Podcast, a must follow pride podcast by Feedspot, which is an aggregator of the best ofs of the internet and one of the top ones online. I cannot tell you how honored I am and how humbled I am by that news. Um, and it just gives me the motivation and the the, um, I don't know the fervor to keep going with this. Um, not that I was like, thinking about stopping or anything like that.

Speaker1:
Uh, actually far from it, but it just gives me that little extra boost of energy. And, um, I love that and I thank you for being a part of that as well. So I want to encourage you to go to the website, Take Pride in retirement.com. Follow the podcast there. I mean, it's available wherever you listen to podcasts, but you can also find all the episodes at Take Pride in retirement.com. Um, you can also fill out a risk profile questionnaire there. If you want to get some advice on how you can improve your financial situation. In particular, I would love to do that with you. I'd love to sit down with you, have a look at it. Go through everything with a fine tooth comb. Come up with a plan specifically tailored for you. That's what it is all about. You can go to Take Pride in retirement.com and do all of that. Listen to all the episodes of the show and uh, etc. etc. now also, I encourage you to give me a call (855) 246-9211 is the number (855) 246-9211. Again, that is the number to reach me. You can get a free, absolutely complimentary consultation on your particular investment objectives and needs and all of the things, because I want to help you. That is what the goal of this show is. It's to help members of the LGBTQ+ community who are in need, in dire need of this type of content.

Speaker1:
And I started this show because of just that. There was a lack of it geared specifically toward LGBTQ plus folks. So I'm like, hey, I'm going to solve this, right? And not that I feel like I am solving all of the world's problems, but I love helping people. I love, uh, helping those who need it. I would love to help you if you feel like you need help in planning for your retirement years, chances are you do. And that is what I'm here for. So, I mean, it's as simple as that. I would love it if you would reach out using any of those particular methods that I just went through here. Um, a lot of great content on the show today. Speaking of which, we've got some big money moves to make mid-year to be able to protect and grow your money. Those are the two things that I find that, um, you if you're a member of the LGBTQ plus community generally, you know, people, obviously they still want growth, right? But as LGBTQ plus folks, we are sort of conditioned to worry about, oh, you know, our our investments as secure as others because, uh, you know, for example, our marriages, if you're married, um, is, uh, the result of one single vote on the Supreme Court, could that get overturned? What does that mean for your money? If it were to like.

Speaker1:
All of those like, you know, and that's just one example of the reasons why I think LGBTQ plus folks like myself and like many others, value safety in investments. So much so that you want that safety, but you also want growth, right? You don't want to be left behind while others are experiencing growth in the markets. So you want both. That is the goal, the protection and the growth. Also got some Social Security updates to tell you about, and we're going to get some information on a new survey, actually a couple of new surveys that I found regarding LGBTQ plus people and insurance coverage, I think is very illuminating and will really get to the core of some some different issues. So we'll talk about that. I also have, um, today I just did a new interview, um, with a woman from AARP talking about the struggles that a lot of people are having building a retirement nest egg. She has got some great tips and advice and some tools that she's going to mention as to how you can kind of break through that if that's a struggle that you have. So like I said, so, so much to get to in the show today. Let's start out with though, by doing as we do each and every week, uh, getting some inspiration for our conversation. It's our quote of the week.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And this week's quote comes from a former CEO of Burberry, a fashion designer as well. Very creative guy in his own right, Christopher Bailey. And Christopher Bailey said this once. He said, quote, it's really important to be disruptive and do things that actually are kind of a little scary and bold. Boy, that's that's good. Especially when it comes to and obviously he was in a certain line of business there at Burberry talking about fashion design and all that. When you're talking about planning for your future and planning for your retirement. Yeah, that can be scary. It can be scary to take steps that you might feel, um, or have some doubts that they are the right moves, you know, are they the right moves? Am I doing the right thing? Am I dotting my t's or dotting my i's rather, and crossing my t's? Or am I dotting my t's and crossing my eyes? That would just be backwards and it would be kind of weird. But you know, you want to make sure that you're getting it right. And so that's why I encourage folks to seek professional help, professional advice, talk to a licensed advisor, somebody who is going to really, you know, do a great job for you, a fiduciary financial advisor who has to act in your best interest and not their own.

Speaker1:
And that's that's what I am. If you seek advice and help from me, I love that. Great. Thank you for doing so. If you don't, if you want to go with somebody else, um, that's absolutely fine as well. It's not a pressure filled situation, but what I will say is seek that help because the vast, vast majority of us need it. And if you are, you know, kind of feeling the pressure of planning for retirement, get that help. Um, because if you want to take those bold steps, if you want to do things that are kind of scary, you want that professional help. You want that hand to hold, right? So get that helping hand, get that hand to hold. I can hopefully be that for you. If you would let me. I'll, I'll help you if you'll let me and just go to take pride in retirement.com to get said help.

Speaker3:
It's time for this week's problem solver.

Speaker1:
I guess I love the drama of that introduction to this segment. It's our problem solver segment here, and it's got a special focus this time around because June, not only is it Pride Month, happy pride everybody, it's also Annuity Awareness Month. And so we're going to talk about a lot of things dealing with um LGBTQ plus folks specifically and our retirement and the latest numbers of some different surveys and things like that coming up in just a little bit. But I want to talk about Annuity Awareness Month here first. And this is our problem solver segment, which means I have a problem that needs solving. And so I solve it. All right. So it's kind of how it works. They got a problem. You solve it. It's the problem solver. Here we go. So the problem this time around is that many people. And this is I find this to be very true in my, um, everyday life. In my my practice as a financial advisor. Many, many people own variable annuities that they just really don't understand. You know, the principle in those annuities is at risk directly in the stock market, right? They're paying three to maybe upwards of 6% in fees, for example. They're also paying things like income writer fees. And that's a fee that you pay just to have your own money paid back to you later on. So let's not do that. That's the problem, right? You're overpaying for something that's at risk.

Speaker1:
The solution is to then consider a different type of annuity, get rid of that variable annuity, and invest in something that is better suited to protect and grow your hard earned wealth. Now I've got kind of a little bit of a comparison here. You know, we talked about variable annuities. There are also fixed annuities. And then there are fixed indexed annuities. The fixed index, the one that I like for most people, the others could be, you know, something that would be coming in handy for other people in different scenarios. But I think for most the fixed indexed annuity kind of hits the right spot. And and as an illustration of that, I like to use Goldilocks and the Three Bears, because that's just the kind of person that I am. Um, and I and I like porridge now. Um, but Goldilocks and the Three bears, um, if you remember the story, she tastes the porridge, and it's one bull's too hot, ones too cold, the others just right, and other things happen. But that's the part of the story we're going with here. All right, so a variable annuity would be the one that is too hot. In this particular scenario your money's at risk in the market. You've got fees that are much higher than the other types of annuities. We're going to talk about a fixed annuity just a plain old fixed annuity. That one's too cold. It's more like a bank CD.

Speaker1:
It's not beating inflation. The rate of growth generally is not beating inflation a lot of the time. Um, and so it's a lower interest rate, a lower guaranteed interest rate that you're going to find on those even in a higher interest rate environment like we're in right now, although under certain circumstances, of course, you know, if you do have a bank CD that's been underperforming, replacing a bank CD when you're able with something like a fixed indexed annuity, especially a shorter term one, something with a fixed annuity, rather especially a shorter term one, like something like a mega multi year guaranteed annuity. That could be something for you to get a higher interest rate than the bank CDs, because the bank CDs are are really low interest rates, generally speaking. Now a fixed indexed annuity is just right. And it's just right for several different reasons. You buy a fixed indexed annuity. It's a product that you buy from an insurance company. Now that money then is guaranteed and it goes into the general account of that particular insurer. It is backed up by very safe investments in the ten year US Treasury and and the like. So that money is guaranteed. The insurance company will have a 100% reserve requirement, which means that that principal that you put in, whatever you give them, they are required to keep that safe so that if you ever come back and say, I want my money, I need my money.

Speaker1:
If there's a run on, like, kind of like a run on a bank, right? If there's a run on the insurance company, uh, and everybody comes demanding their money, it's there. They have it on hand. Okay. So that principal is protected. The growth is also protected because unlike a variable annuity, which is sometimes referred to at least by me, as a variable annuity, that variable annuity, that money is at risk in the market directly. So you participate in the market's ups and you participate in the market's downs, the gains and the losses in good times. That's great news for you. In bad times that's bad news for you. That can be really bad news for you because all of that money is at risk. But with a fixed indexed annuity, it's not directly. The money that you put in is not directly in the market, but it is tied to a particular market index. It could be something like the S&P 500. It could be something like. The, um, some sort of proprietary index. There's one that's the BNP Paribas Global Factor index. So there are different types of, uh, indexes that you could be have your investment tied to but not invested directly in. And when that index goes up, the value of your annuity goes up. When that index goes down you do not lose a penny. All right. You get market like gains without the market risk.

Speaker1:
And that is why fixed indexed annuities are kind of the just right. They hit that sweet spot in our, um, little analogy of, uh, Goldilocks and the Three Bears take pride in retirement. Com if you'd like to learn more, go to take Pride in retirement.com. Reach out to me there via the contact page or submit that um questionnaire that is on their risk profile questionnaire that I have. Um if you want to get started, if that's something that you want to do to get started and planning your own retirement and better, you know, sooner than later, right? You rather have that, um, in place, a plan in place. To be secure in your retirement, to have that retirement that you can take pride in no matter who you are, no matter where you are from, no matter who you love, no matter how you identify any of the things you want to have a plan in place. Hope is not a plan, right? Hope and just, you know, sitting there with your fingers crossed. Not a plan. None of none of the things are a plan other than a plan. So make a decision, start a plan. Get one underway today. And you can do that by going to take pride in retirement.com. Also call 855246 9211 (855) 246-9211. If I don't pick up, leave me a message. I will get back to you. We will get you scheduled for what is a completely complimentary consultation with me and the good folks at Active Wealth Management, who that's the local firm here in Atlanta that I work for.

Speaker1:
But hey, I will meet with you anywhere over zoom if you are elsewhere in the country, just just let me know, all right? And we'll, uh, we'll do it. We'll talk about it. All right. So kind of a little bit along those same lines, I want to share with you a conversation that I had with a very nice woman from AARP. She's Indira Venkat, she's a senior vice president of research at AARP. And we talked about a new survey that shows, you know, the number of adults in the US who don't think that they will have enough money to last in retirement. Kind of some scary numbers there. We'll we'll talk about that. Well, I'll share this conversation with you. And at the end of that conversation, we also talk about some resources that are out there and some ways that you can combat that. Take a listen. This is my conversation with Indira Venkat of the AARP Research Department. She's actually the senior vice president of research at AARP. And we'll have more of the show, a little bit more discussion about this and a lot more on the other side. I'm speaking with Indira Venkat, the Senior Vice President of research at AARP. Indira, thank you so much for taking some time for me. Really appreciate it.

Speaker4:
Thank you. Thanks for having me.

Speaker1:
Well, no problem at all. Very important topic that we're talking about here. You know, making sure that those, uh, retirees, pre-retirees, especially in this country, have enough set by so that they don't run out of money in their retirement years. But there's a new survey from AARP that actually finds that a lot of people are worried that that very thing is going to happen, right, that they that they won't have enough to last the rest of their life.

Speaker4:
You're absolutely right. Uh, our survey shows that 61% of adults over the age of 50 are worried that they'll not have enough money to tide them through their retirement years. And in fact, 1 in 5 yet to retire have no savings at all. So that is, uh, you know, uh, something that we need to take into account. Uh, and how can we help older adults, uh, get to the goal post that they need to live comfortably?

Speaker1:
Yeah, definitely. So and what are some of the reasons or barriers to, uh, having enough savings for a lot of these seniors?

Speaker4:
I would say one definitely is access. And what I mean by access is, uh, that today many working Americans don't have access to a retirement account through their job. Uh, and that's, you know, among the private sector workforce, that's 57 million, uh, who do not have the option to save. And what we know is, if there is the ability to save through an automatic payroll deduction, people are much more likely, uh, to save for retirement. So that's one barrier. The other one, uh, more recently, is also higher prices. And what we are hearing from our survey is that higher prices manifests in several ways. One is just, you know, at the grocery store, uh, gas pump, the everyday expenses. There's also housing costs by way of either higher rents or mortgage that are chipping away at people's ability to save and even bring down their debt.

Speaker1:
Yeah, it is a huge, huge challenge there in that score. And you know, what can we do, um, to help those who are, you know, 50 and older in that age group, especially those who are getting closer and closer to retirement, what can we do to really sort of turn the tide here and, uh, you know, maybe make the situation a bit better for them as far as retirement savings.

Speaker4:
So depending on, you know, whether you, you're worried about not having enough or not having any at all, I think the important thing is to start. So I just say never too early, never too late to start. Um, the other thing is to create a plan. Our survey shows that among those, uh, yet to retire, 94% say it's important to have a plan to know how to manage your money in retirement. Yet only 21% actually have a plan. So I think that is an important first step is to create your goal, you know, get the plan going. Um, have some way where you're. Accountable for what you've set your goal post to be. Uh, so whether that means having an accountability buddy, whatever that may be, uh, that intentionality is important of having that mindset, building that muscle until it becomes, uh, you know, a habit if you have access to a 401 K or a similar plan at work, I would say take full advantage of it. Now is the time. Uh, don't give a, you know what I call free money, especially if there's if there's the employer match, try and contribute so that you get the most out of that employer match.

Speaker1:
I would think a lot of people would agree that the their favorite kind of money is free money. So, yeah, do not turn that down at all. And I love what you say there about having a plan because, you know, hope and just crossing your fingers. That is not a plan. You have to sort of put all of the, uh, your sort of resources into action, because long gone are the days where you worked for 40 years and retired and got a pension by from most companies. Right? I mean, that's just a very small portion of corporations that actually offer, uh, those types of pensions today.

Speaker4:
Yeah, absolutely. So the onus is on the individual to, uh, manage that, uh, and manage that, uh, as early as they possibly can to get started on this journey.

Speaker1:
Absolutely. And, uh, so just about time for us to wrap things up here, Indira, but just wanted to ask if there are any online resources or maybe, uh, some, some places people can go, uh, if they are interested in finding out more.

Speaker4:
Absolutely. Uh, at aarp.org/tools, there are a number of resources that can help, um, with, you know, individuals who are planning for retirement. One of them is our retirement calculator that helps people, uh, to make decisions on when to retire and how much money they'll need to live comfortably. Uh, and AARP is also partnered with the AD Council to create This is Pre-retirement and there's a website to put it pre-term. This is pre time and org where uh, you know, one can create uh, their own personalized retirement savings action plan.

Speaker1:
Wonderful. Well, Indira Venkat Senior Vice President of research with AARP, thank you so much for spending some time with me. Really appreciate it.

Speaker4:
Thank you.

Speaker1:
I always love hearing from people who are just experts in their field. Obviously, Indira Venkat is someone who really is, uh, an expert and had some great, great advice to share there, no matter who you are to, uh, get things going in a better direction for you. Those little steps that really make the journey, uh, worth it. They can really add up over time. And so I really do appreciate all of that insight. And once again, aarp.org slash financial trends for any more of the information, some resources there that she, um, also mentioned, uh, they're available there online. Just really great stuff. All right. So. Now I want to talk about a little bit of a Social Security update for pre-retirees and retirees, because my goal, you know, I have a couple of goals with the show. One, of course, is to help people along their financial journey and to really give personalized advice when we work together like that is the ultimate goal is I just I love to help people whenever and however I can, and so this is my way of being able to do that. Hopefully I'm successful in it and have been so far so. So there you go. The other is to help you stay informed. I've spent so much of my career in the news business and helping people stay informed. Getting through, you know, the the cloudiness and the BS of all the disinformation and misinformation that's out there and just kind of bring it to you like it is.

Speaker1:
So here it is, like it is when it comes to Social Security. The latest updates here. So the fund depletion date for Social Security is it's actually gotten a little bit of an extension here. Combined trust funds for Social Security now projected to be depleted by 2035. Uh, allowing only about 83% of benefits to be paid at that time. Now, that is a year later than projected previously by the folks at the Social Security Administration, the Congressional Budget Office, as well, making some of these projections. Um, and here is kind of the big update, though there is at least one proposal that might have a chance in D.C. to do something about it. There are a couple of proposals, though, that we'll talk about here. Um, one of them is the one that I think might have the best chance of actually doing something, and that is a bipartisan commission to take a look at Social Security and other federal government fiscal issues. Right. So a bill is proposed now to create that bipartisan commission that would provide policy recommendations. It could get expedited consideration from Congress if it's already been through this whole process of a bipartisan commission. Right. Critics, though, say that this approach might lead to benefit cuts and lack of transparency. Um, or the process has a lack of transparency, I should say, uh, according to the critics here, due to the closed door nature of negotiations, things take place behind closed doors.

Speaker1:
So and then, you know, also there's the getting people on the hill to agree that the sky is blue on any given day. That can be a challenge these days. So maybe, just maybe, there is hope there for that bipartisan commission. There's also something called the Social Security 2100 act. Congressman named John Larson proposed this, um, and he says that this act aims to improve the program's solvency and expand benefits through tax increases on the wealthy. So that's something that, um, is there the appetite for that in DC? I don't know. Of course, it would be a good thing for Social Security recipients if the program could be shored up all the way to 2100. That would be amazing because it would be pretty much guaranteed through the rest of our lives. But, you know, we'll see if that bill goes anywhere. And as far as public opinion goes, well, AARP in 2023, a poll there found that 89% of Americans believe that Congress should act immediately to ensure full benefits for current and future beneficiaries. So those recipients of Social Security, both now and in the future, and 90% support bipartisan efforts to find a solution. I say, boy, I hope that that is actually possible. Um, so but but here's the thing, though, folks, if you are concerned about Social Security, I want to help you.

Speaker1:
If you're going to rely mostly or mainly on Social Security in your retirement years, if that's the way it's looking for you now. I can help you come up with a plan so that you're not relying solely on Social Security in retirement, like too many people do these days. I want to help you come up with a plan where Social Security is the cherry on top. If it's there, which it hopefully will be right. And they'll they'll come up with some way to keep it around, I'm sure. No guarantees there, but I'm. I just have that feeling. But here's the thing. If it's not there for whatever reason, then you're fine. That's the plan that I want to come up with for you. And if you want to get started on that plan, call 855246 9211. (855) 246-9211. You can also go to take pride in retirement.com. That is the websites. All right. So mid-year money moves to make here. Uh some smart steps to strengthen your finances. Um I'm going to go through this. I cannot believe, first of all, that we're just about halfway through the year. It's kind of crazy, but what should you do mid-year when you've completely forgotten about all those New Year's resolutions that you made six months or so ago? Well, um, you know, I mean, of course, one of the biggest New Year's resolutions is what financial, the financially related.

Speaker1:
I'm going to budget. I'm going to get rid of my debt. I'm going to do this. I'm going to do that. So check in with that. If that was one of your New Year's resolutions here at the halfway point. And one way to check in, one of the first ways here is to review your cash flow, examine what's coming in and what's going out. Make sure that your income exceeds your expenses. You want to have more money than month, not the other way around. Okay. Pay off your debt. Also, that's a big thing. Especially high interest credit card debt. All right. Focus on high interest rates. Kind of on the flip side of that because interest rates are near 20 year highs. So you're paying high interest rates but you're also getting credited high interest rates if you have an interest bearing account. So pay down those high interest debts like credit card balances. But consider taking advantage of the high interest rate environment and explore the benefits of something like a fixed indexed annuity, which offers more lucrative rates and features. At times like right now, when interest rates are so high, you want to boost your emergency and retirement savings. I say 3 to 6 months in an emergency fund, 3 to 6 months of your expenses, your living expenses there. Maximize contributions to your retirement accounts as well. Those 401 KS and IRAs and others, you know, 403 b tsp.

Speaker1:
If you're a federal employee to make sure that you're taking advantage of employer matches, that's free money. As I was talking about earlier with Miss Venkat from AARP, you don't want to turn down free money, right? Tackle your taxes early. You can actually use the IRS withholding calculator to make sure the correct tax amount is being withheld from your paycheck every week, and avoid those surprises come tax time. What you want to do as well as protect your assets. And I'm not just talking about your money. I'm talking about physical assets as well. So you want to review and adjust your insurance policies to match your current needs. Because when you bought that insurance policy, maybe it was great then, but maybe now it's been several years and perhaps the, uh, situation in your life has changed. And so you want to review your health coverage, your life insurance, your disability insurance, home auto insurance, those types of things. And also my favorite among the list here is seek professional advice. Consider consulting with a financial, professional or advisor to help you tailor a financial plan that meets your specific goals. It all starts with a complimentary consultation, and you can get one by going to take pride in retirement.com. Once again, that is take pride in retirement.com. All right. So I found this article. It was actually sent to me by a coworker of mine, and I thought this was so interesting I had to share it on the show.

Speaker1:
It's the headline from Insurance News Netcom is LGBTQ plus and Life Insurance. Is it a matter of trust? Steve Wood wrote this article and I wanted to share some of it with you. Um, Steve Wood is a consumer markets researcher, so he says he's constantly seeking insights into different demographics. And he says that's the easy part. But the hard part is trying to sort of distill those findings into digestible chunks without diminishing any of the unique needs of the market in question. Lgbtq plus community, definitely a unique market here that needs to be paid attention to. So a Gallup poll recently found that an increasing number of younger adults are identifying as part of the LGBTQ plus community 2024 Insurance Barometer study surveyed 454 LGBTQ plus Americans between the ages of 18 and 75 to gain insights into the attitudes and behaviors regarding various aspects of life insurance, shopping, knowledge and products, and to learn how to best reach and be successful with this growing market, this article says. Look at some key differences around financial concerns. This is sort of what I was alluding to a little bit earlier. Retirement preparedness and perceptions of key interactions through life. Life insurance purchase process that is, um, something that's also covered here. So the LGBTQ plus survey sample mirrors the Gallup polls findings. So it's important to compare the findings to younger adults when compared to all or all Americans.

Speaker1:
That is LGBTQ. Plus people express significantly greater financial concerns, particularly retirement and emergency funding. He says it's compelling to note that LGBTQ+ individuals tend to show greater concern than Gen Z and millennials as a whole. So having enough money for a comfortable retirement has been a top concern of all demographics for 14 years that the barometer study's been around. But four of the other five specified in the figure are generally all related to emergency funding. So we got retirement and we've got emergency funding here as well. So 40% of LGBTQ+ folks report owning life insurance. That lags behind the combined Gen Z and millennial group at 46%. And that's five points below all Americans at 51%. The data don't tell us why these heightened concerns exist for LGBTQ+ people, but we can make some inferences here, he says. Because of these other numbers, LGBTQ+ people in greater numbers say that they are either extremely or very concerned about these things. Having enough money for a comfortable retirement. Being able to save enough for an emergency fund. Being able to support myself if I'm unable to work due to a disabling illness or injury, paying for medical expenses in case of illness or injury. Paying for long term care services if I become unable to take care of myself and job security and maintaining a steady income, that one is way above other communities that have been broken down here.

Speaker1:
So. It can't be solely explained by household income levels, he says. There are no marked differences between the populations. There are some underlying socioeconomic issues at play here, he says. Universal acceptance of the LGBTQ plus community has not been achieved across the country, and that may be fostering the creation of personal networks of safety nets. Fewer LGBTQ plus adults are married. Even fewer have children. This affects life insurance ownership rates as well as financial security. More LGBTQ plus adults are also flying solo financially as a result, and therefore they have elevated levels of financial concern. Boy, that really speaks to the reasons that I wanted to start this podcast. I mean, it really, really does. So how can the concerns be addressed? Well, he jokingly says, buy life insurance, purchase an annuity. But if only it were that easy. Uh, for for the industry as a whole, he says, reality doesn't work. So simply purchasing many types of life insurance products can be very confusing and a very personal experience. So basically the the lesson of the day here from this. Is. To build trust with people, and you want to work with someone that you trust when you're talking about your life insurance, when you're talking about a retirement income, when you're talking about planning for retirement, specifically all of those things. Trust is a huge factor, or at least it plays a significant role according to these numbers, according to this article.

Speaker1:
Lgbtq+ adults do not feel discriminated against with regards to applications and underwriting, as sexual orientation is not a part of that process, but. Incomes, age, race and ethnicity were ruled out as contributing factors to the whole thing. The whole concept here that we're looking at of LGBTQ+ people being more concerned about retirement and emergency saving. But the LGBTQ plus community is twice as likely to mistrust both insurance companies and financial professionals as compared to the general population. Again, goes back to the fact that's why I wanted to start this podcast, to start providing education and help for the LGBTQ plus community specifically. I am a member of the LGBTQ plus community. And I want to help. Because I know exactly what these concerns are. I have lived them. And I have learned how to help them, and I want to share that knowledge with you. That's why I do this show, and that is why I, you know, do what I do in my everyday life as a financial advisor as well. I want to help you, and I really want to help you individually. I want to help you by coming up with a plan for your retirement based on your specific needs. That's what it's all about. That's the reason that I got into this, was to help people plan for their retirements, specifically the LGBTQ plus community. And if you want to learn more, folks, once again, go to take pride in retirement.com.

Speaker1:
Take pride in retirement. Dot com can do a deep dive into your finances. Fill out the risk profile questionnaire, or just fill out the contact page and set up an appointment. I'll be glad to meet with you any time that we can work it out, either via zoom or in my office. If you're in the Atlanta metro area, right, take pride in retirement.com. The consultation is absolutely free of any cost and any obligation. It's not a high pressure situation at all, so I'd love to hear from you. You can also call 855246 9211. That's (855) 246-9211. Well that's going to do it for this time around. Everybody, I really appreciate you spending some time with me. I cannot say enough again how much. I am just humbled by the honor that Feedspot has bestowed upon this, uh, this little show of mine, um, take pride in retirement as one of the top 35 pride podcasts out there right now. So I really do appreciate that recognition, and I appreciate you more importantly listening right now, no matter who you are, no matter where you come from, no matter who you love or how you identify, you deserve a retirement that you can take pride in. That's the whole reason that this show exists. And I thank you for tuning in this time. And until next time, take pride in yourselves and take care of each other.

Speaker2:
Thanks for listening. To Take Pride in Retirement. Members of the LGBTQ+ community deserve to work with the Fiduciary financial advisor, who puts their needs first to schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management. Call (855) 246-9211 or go online to take pride in retirement. Dot com investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment Advisor, BCM and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure, an active wealth management, are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Fixed annuities, including multi year guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

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