At launch, the following services will be available and will be greatly expanded upon in the coming months: With high cost of living and lack of cash flow being two of the top three concerns of retirees and soon-to-be retirees, along with their rapid adoption of technology, this population is in need of a new type of banking solution.Ĭharlie is offering something different: banking services designed for the unique needs of the 62+ community. Already, their online banking adoption is nearly the same as younger groups. The COVID-19 pandemic accelerated tech adoption amongst older adults, with 44% saying they view tech more positively than pre-pandemic. And unfortunately, most features built for 62+ Americans come with high fees or unexpected expenses. Nearly all financial services products are designed for those working full-time and generating income. Around 52% of seniors do not feel prepared for the asset deaccumulation challenge ahead of them. However, when they retire, they go into deaccumulation mode, having to make the most of the limited resources they have, such as a small pile of savings, their Social Security check, and their home. Up until the moment someone retires, they are accumulating assets. Over 50% of the 73 million seniors in the United States do not feel prepared financially for retirement, but few banking solutions are designed for their unique needs. We look forward to serving this community and giving them the peace of mind they deserve.” “Charlie is designed to meaningfully address the challenges retirees and soon-to-be-retirees face financially: shifting from accumulating assets to deaccumulation, the struggles regarding transparency and trust in the financial services world, and a lack of options to help them make the most of their limited resources to enjoy life. Charlie was created to change that,” said Kevin Nazemi, co-founder and CEO of Charlie. “In the United States, the 62+ community has never had financial services designed for their unique needs. Charlie is on a mission to transform financial services for the 62+ community and provide peace of mind around their financial present and future. Charlie helps retirees and soon-to-be-retirees make the most of their limited resources with features including faster access to their Social Security check, competitive 3% earnings on average balances and no monthly fees or minimums, as well as US-based customer service, and a simple, transparent digital experience designed for their needs.
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