Retirement Planning Checklist for LGBT Americans

Reuters has published an checklist for LGBT Americans planning retirement which includes a couple juicy statistics.

The article, available at, urges LGBT adults to:

  • Check your 401(k) beneficiaries, as starting in 2010, you’re allowed to list non-spouse beneficiaries;
  • Check your pension survivor benefits; 73% of corporations now offer a survivor option for domestic partners;
  • Check your retiree health insurance; if you’re one of the lucky ones whose corporation will pick up your post-retirement health insurance bill, there’s a 44% chance they will extend that coverage to your domestic partner;
  • Think about estate taxes; starting in 2013, if your same-sex spouse will inherit more than $1 million from you (or vice versa), the federal estate tax will take 55% of it.  Alternatives include a life insurance policy and annual tax-free gifts up to $13,000; and
  • Consider lobbying your state to have it implement spousal impoverishment rules that will protect the spouses/partners of LGBT people whose nursing home bills are paid by Medicaid.  (See previous posting for a webinar on this legislative issue.)

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