“People in their 40s and younger have some time to retool their plan, but Baby Boomers need to think with more urgency,” says Philip Rousseaux, founder and president of Everest Wealth Management, Inc, explaining how retirement planning has changed, published in Life After 50.

I have to agree.

One of the benefits of youth is you have time. Even if you had everything worked out in your 30s, and were slowly working toward it, unexpected events can alter those plans. You can, however, always course correct. But what about Baby Boomers, some who had invested in stocks that were depleted during the recession? For them there is no time anymore because, even if they had a Plan A, it’s over now. The unexpected recession ruined much of what they had already saved and things have only gotten worse, making it not only hard to recuperate what was already invested, but also start anew. Rousseaux suggests that the two most common mistakes retiring seniors make is invest everything in stocks or short-term savings. Stocks are too volatile to make a good long-term investment, especially with the peaks and valleys of the economy as is, while short-term savings might be depleted by the time they are needed long-term. In the end, it’s all about aggressive, quick strategies. Senior homeowners have fewer options (and less time) so reconsider your retirement planning from the onset.

One suggestion is don’t take risks you can’t afford. The stock market is a risky option. While it can offer quick gains, which can lead to an immediate source of dependable cash flow, the market’s risks are too great. It’s just like gambling, the more you win, the more you lose (or stand to lose). Invest in retirement plans that have immediate returns and minimal risks.

Another suggestion is to seek guidance from financial advisors. If you don’t know how to plan for retirement, seek help from someone who can help and explain what everything means. It’s good to get a second opinion from a trained professional instead of gambling with your future retirement gains.

The last suggestion is to consider alternatives to the stock market. The stock market is not the only option out there, instead consider what other resources you have in your retirement arsenal.

For instance, have you ever considered a reverse mortgage?

It’s a retirement planning tool that can potentially mean the difference between a comfortable retirement and possible impoverishment. Reverse mortgages are a risk you can afford because it offers immediate returns; whether it’s a lump sum or line of credit, a reverse mortgage offers secure returns without the hassle of making monthly payments. The options are there for the taking, you just have to take advantage of them. At PS Financial Services, we are here to advise you on your retirement planning, short-term and long-term. Our personalized service ensures that you are always taken care of so if you think a reverse mortgage is right for you, give us a call at (888)845-6630 or email us atinfo@PSReverseMortgage.com. The time to wait is over as changes are coming to the reverse mortgage program. Consider your retirement before anything and take the necessary steps to make it as comfortable as possible. Click here for more information about the elimination of the reverse mortgage program as we know it: