Age is an Increasingly Important Factor in Retirement Planning More than ever, age is quickly becoming an important factor in long term retirement planning. Baby boomers are living longer currently than any other generation that came before (and that’s without getting into generations that plan to retire 30+ years from now. The ideal retirement age is no longer 62 but 65 and is poised to become 70 in the next decade. By 2050, the number of Americans that will be 65 years of age and older is projected to be 88.5million, more than double the 2010 population of 40.2 million. According to an article in Reverse Mortgage Daily, Raymond James Financial launched a new retirement planning initiative that will give advisors the tools to help them respond appropriately and effectively to older clients if and when they need help down the line. Patrick O’Connor, seniors vice president of Wealth, Retirement & Portfolio Solutions stated: “Planning for our clients’ longer lifespans cannot end with a basic financial plan and a portfolio strategy. Advisors are increasingly looking to collaborate with their clients in navigating their unique life priorities and resulting financial implications, both planned and unexpected.” This is, in essence, what the new education initiatives have been all about since the changes to the reverse mortgage program almost a year ago. It’s not a last resort, something to look into when you need it, an alternative plan when there is nothing else left. A reverse mortgage is anything put, regardless of its past reputation. Presently, the reverse mortgage, specifically, the “standby reverse mortgage” (as coined by Harold Evensky), is another way baby boomers and future retirees can strengthen and increase the longevity of their portfolio, even if they already have more conventional methods in place. Raymond James’ new program will be introduced in six stages in the next 9 to 12 months and will include, but will not be limited to, strategies to increase financial advisors’ ability to educate present and future clients through multimedia campaigns and client events. Most importantly, the pieces are in place for the industry and retiring baby boomers to learn more about extending their portfolios further than ever before. Age is becoming increasing important to successful retirement planning techniques, the more tools the industry and retirees have at their disposal, the better retirement plans will be. Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at We do not pressure those who inquire. We are simply here to help.