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Redesigning the Financial Roadmap for the LMI 50+ Segment: New Challenges and Opportunities, an informative new report written by CFSI (Center for Financial Services Innovation) and funded by AARP Foundation, underscores the difficult financial situation facing many older adults in America, especially those in the low- to moderate-income range.
- 83% (42 million) of the estimated 50 million low- to moderate-income adults over age 50 are struggling with some or all components of their financial lives.
- 39% of LMI 50+ have unmanageable debt.
- Many of the LMI 50+ aren’t adequately protected from medical shocks.
- Many LMI 50+ are unable to completely retire, and those who do still struggle to be financially healthy.
- Family obligations affect the household finances of the LMI 50+ in positive and negative ways.