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Today's Date: April 24, 2024

White House Correspondents’ Association Dinner to Welcome Hooman Shahidi, Co-founder and CEO of EVPassport, the Rapidly Gr • Orion S.A. Earns Platinum Sustainability Rating by EcoVadis • The Village at Willow Crossings Assisted Living Community Named One of the Country's Best by U.S. News & World Report for Th • Ouro Teams Up with Texas One Fund with Multi-Year NIL X World Wallet Financial Empowerment Program for University of Texas Stude • ERVIN COHEN & JESSUP PARTNER RECOGNIZED AS TOP LAWYER IN LOS ANGELES • Voices for Humanity Bears Witness to Panama's Moral Resurgence With Giselle Lima • Bay Square at Yarmouth Assisted Living Community Named One of the Country's Best by U.S. News & World Report for Third Strai • ACTS LAW Addresses Federal Correctional Institution in Dublin Controversy • WM Announces First Quarter 2024 Earnings • Benchmark Senior Living at Hamden Assisted Living Community Named One of the Country's Best by U.S. News & World Report • Asahi Kasei to Construct a Lithium-ion Battery Separator Plant in Canada • Motlow State Community College Expands Accessibility With the Addition of YuJa Panorama Digital Accessibility Platform to Its Ed • ESS Inc. Schedules First Quarter 2024 Financial Results Conference Call • Wounded Warrior Project, White House Celebrate and Honor Warriors at Annual Soldier Ride • PONIX AWARDED $5 MILLION USDA GRANT TO BREAK "GROUND" ON CLIMATE-SMART AGRICULTURE IN GEORGIA • QuantumScape Reports First Quarter 2024 Business and Financial Results • Santiago, Chile Will Host the 2027 Special Olympics World Games • The Birches at Concord Assisted Living Community Named One of the Country's Best by U.S. News & World Report for Third Strai • Leading Industry Publication: Black & Veatch Remains Among Global Critical Infrastructure Leaders as Sustainability, Decarbo • Arcosa Publishes 2023 Sustainability Report

MINORITY SENIORS' PLIGHT

Waltham, MA—Millions of African-American and Latino seniors are living on the edge of

financial collapse, according to a new report, Severe Financial Insecurity among African

American and Latino Seniors. Released today by the Institute on Assets and Social Policy

(IASP) at Brandeis University and the public policy organization, Demos, the report finds that

African American and Latino seniors face widespread financial insecurity during retirement, a

trend accelerated by the current economic crisis. According to the study, 9 in 10 senior

households of color lack sufficient resources for long-term economic security.

Painting a daunting picture, these findings are a result of analysis utilizing the Senior Financial

Stability Index (SFSI), a tool developed by IASP and Demos to assess the long-term economic

security of seniors. A combination of inadequate pensions and savings, high housing costs,

accelerating health expenses, and other trends that affect seniors, will likely get worse, unless

policies are enacted to address them.

“The current economic crisis will compound economic vulnerabilities that have been building for

years unless policies are developed to reverse these trends,” said Tatjana Meschede, lead author

of the report released today.

Particular vulnerabilities identified in the report include:

• More than three–fourths of senior households of color do not have adequate financial resources

from savings, Social Security, or pension income to cover essential expenses for their expected

life spans.

• Out-of-pocket health care expenses are burdensome for 34 percent of African American and 39

percent of Latino seniors.

• High housing expenses put the budgets of 6 out of 10 senior households of color at risk.

“These data show that millions of African American and Latino seniors are living on the edge of

financial collapse, unable to rely on assets, income, or other pillars of financial stability. Their

circumstances are only made worse by the recent economic downturn, which has been

characterized by dramatic losses in assets and housing values,” said Thomas Shapiro, co-author

of the report and Director of the Institute on Assets and Social Policy.

Policies must not only strengthen the existing safety-nets and promote asset building

opportunities for vulnerable seniors, they also must protect younger families to help them enter

retirement on a stronger economic footing. “Future retirees will be worse off unless we attend to

policies that grow their resources for the future, and combat the rising costs of essential expenses

for seniors,” said Jennifer Wheary, report co-author and a Senior Fellow at Demos.

READ FULL REPORT HERE

For more information and to download the report, visit www.iasp.brandeis.edu or

www.demos.org

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