Most people start to plan their retirement in their early years of employment and plan for it when they are older, possibly in their "sixties" or maybe later on in their "70's". And if they had sound financial advice, they may be fortunate enough to have a nice "nest egg" and they can retire and enjoy it without worries.
However, as of this post, inflation is killing all Americans, they are racking up more debt on their credit cards, and struggling to pay for the basic expenses and necessities, and some may even be worried about having enough money to pay their mortgage payments or rent if they are not a homeowner.
A survey noted older adults are very worried about the erosion of their investments and savings because everything is costing so much more and they find they are forced to withdraw larger amounts of money from their cash reserves and could possibly end up draining their funds to "zero".
Since the beginning of the 1st quarter of 2022, more seniors are returning to work, because they are being forced to do so. Interestingly enough, there has been a 20% increase in older Americans delaying their retirement because they must continue working, and those who are being forced to return to employment.
However, if they own their home, many have a substantial amount of equity in their homes and if they were willing to investigate if a reverse loan might be a benefit to them, allow them to continue to enjoy their retirement, it might be the best "pot of gold" found right where they live.
