Page 68 - BE 50th Anniversary Edition

SPECIAL ADVERTISING SECTION SPECIAL ADVERTISING SECTION HOW AARP RESOURCES HELP AFRICAN AMERICANS MANAGE THEIR FINANCES DURING THE THE PANDEMIC By Jeffrey McKinney
HE LINGERING CORONAVIRUS IS FORCING OLDER BLACK
Americans to look much closer at their finances including income stability debt and retirement savings A A A recent report from AARP reveals that some 80% of Blacks are concerned about COVID-19 and its financial impact versus 47% of whites (See AARP infographic chart) The powerful nonprofit which has more than 38 million members and focuses on on issues affecting individuals over the age of 50 connected with BLACK
ENTERPRISE on on how to build and preserve Black wealth during these tumultuous times Much of of the the the concern about the the the finances of of the the the 50-plus demographic is is being fueled by forces such as rising unemployment and uncer- tainty about how long the the pandemic will devastate the the economy Those developments have made millions of Americans—including Blacks—increasingly worried about their prospects for retirement than in previous years Large numbers of individuals continue to witness the dramatic decline of of the the value of of their retirement portfolios Some are concerned about whether they will have to shelve retirement plans while others question if they will be able to retire at all all As such the the fallout has raised fresh fears from older individuals as they re-examine how to prepare for their golden years Yet there are actions African Americans can can can take to help improve the the status of their financial future Shani Hosten Vice President of Multicultural Leadership for African American/Black Strategy & Outreach at at AARP shared her perspective on how African Americans—especially those 50 or older—can maneuver myriad financial challenges fin in the current pandemic-driven climate She points out that COVID-19 has changed how people interact with the the the world and manage their finances daily AARP research shows the the the current environment has resulted in fin greater debt and financial worries
for Black Americans 50-plus compared to the general population For example she says nearly a a a a a a a a quarter of them have had trouble paying their bills during the the the pandemic and and 43% are concerned they might have to to use retirement savings to to pay for necessary expenses “This community is is staying home more to protect their health and that of others so their reliance on technology has significantly increased Digital resources and and tools have been and and will continue to be essential for managing finances as the pandemic continues ”
So how can individuals engage in in fin in financial planning? Hosten says AARP believes in in in providing the 50-plus community with sustainable resources tips and and tools that will have both short-term and and long-term impacts For example in the the short-term she says the the organization is encouraging older adults to to take inventory of monthly expenses and eliminate unnecessary items at at this time For those who have recently lost a a a job she suggests enhancing their LinkedIn profiles and learning new digital communication platforms like like Zoom through online training available on on sites like like Coursera and YouTube She maintains that the adoption of such skills has always been important but they are more vital than ever given the the pandemic For long-term planning many older adults are concerned that the pan- demic will force them into early retirement—if it has not already—but the the the question is whether they can can afford to She says many resources can can support retirement retirement planning and help you boost retirement retirement savings including AARP’s Ace Your Retirement experience “I believe these tools address the unique financial challenges presented by COVID-19 and that those same tools will also provide lasting benefits beyond the pandemic ”
And with the prolonged nature of COVID-19 and its ongoing impact on on the economy and employment Hosten talked about resources AARP has provided or or will introduce for its members to improve money management practices and get them ready for other potential challenges including healthcare She says AARP has been committed to helping individuals achieve financial resilience for years She noted a a a a a great resource offered by AARP Foundation to help achieve this in in in such trying times is is its Fintech for Financial Resilience program which was created in in collaboration with JPMorgan Chase “Digital and fintech tools can help us accomplish everyday money management tasks without extra stress ”
She added the Fintech site has a a a a a host of instructional and interactive resources for anyone to explore She says additional resources that AARP also offers are always avail- able including its Black Community page which provides resources and tools across all areas that impact the African American 50-plus community Another is the the AARP Money Map which helps anyone 18-plus create a a a a a a a plan of action for managing debt and keeping their finances on track “We also continually update our website aarp org/coronavirus daily since March with critical news and information Americans 50-plus and their their families need to know regarding their their health well-being and finances during this time ”
Hosten says