Four Innovative Ways for Senior Citizens and Retirees to Generate Cash in an Economic Storm

Updated Retirement Calculators Allow Seniors to Create Multiple Budget and Income Scenarios, Including the Impact of Returning to Work or Delaying Retirement Benefits

OAKLAND, CA--(Marketwire - November 17, 2008) - Golden Gateway Financial, a comprehensive online financial resource for seniors and retirees, today shared four tips aimed at those senior citizens in need of cash during retirement to help them generate capital in this increasingly challenging economy. The company also introduced a new and updated version of its online reverse mortgage calculator reflecting recently announced FHA reverse mortgage limits.

As the economy continues to worsen, senior citizens in retirement can find themselves caught in a new "Senior Squeeze." Many can no longer access credit or sell their homes, leaving them with few ways to find money to augment their retirement budgets or avoid a financial crisis.

"At the same time when negative pressures in the economy are expanding, the options available to seniors and retirees are shrinking," said Eric Bachman, founder and CEO of Golden Gateway Financial. "Our goal as an unbiased online resource is to assist seniors in realistically assessing their needs, and then helping them find smart, meaningful ways to generate income during retirement."

Senior citizens are finding it increasingly hard to secure lines of credit, sell their homes as part of a downsizing effort, or adjust retirement budgets to make ends meet. Golden Gateway Financial shares four innovative ways that savvy seniors can now find additional resources.

Revisit retirement budgets

Many seniors originally built their retirement budgets based on income and economic conditions prior to today's challenging environment. The easiest and most cost-effective way to find additional dollars is often to start by updating an outdated budget. Golden Gateway Financial's Budget Reality Check is an easy way to double-check retirement planning and to find extra cash. Additionally, seniors can view how their budget performs over time by visiting Golden Gateway Financial's Retirement Calculator. This tool also enables seniors to assess how working longer or how other income sources such as stock dividends could impact retirement savings.

Secure a reverse mortgage

Many senior citizens have spent a lifetime building up equity in their homes. Through a reverse mortgage, those 62 years or older can now extract that equity. A reverse mortgage requires only that an individual own the home as a primary residence and maintain the property. No credit evaluation is required. As a non-recourse loan, borrowers will never owe more than the current market value of their home, helping to protect their heirs from debt. Golden Gateway Financial's online reverse mortgage calculator allows seniors to quickly and easily determine how much cash they are eligible for from a reverse mortgage. This updated calculator also includes recently announced higher lending limits, helping eligible seniors qualify for even larger reverse mortgage loans.

Explore life settlement

Most life insurance policies are originally purchased to protect families and loved ones, but nearly 85 percent of these policies never pay a benefit.(1) Life settlement allows a policyholder to sell their policy in exchange for a lump sum cash payment that is greater than the policy's cash surrender value. Previously used predominantly by the wealthy and those with financial planners, life settlement offers a compelling way to generate cash independent of a credit history. To learn more about life settlement visit

Social Security Double Dip

A little known strategy for those seniors collecting Social Security benefits but still in need of extra cash, is to cancel current benefits and then re-apply for greater benefits at a higher age. Since benefits are calculated based on age, someone who restarts benefits later in life could earn much more in monthly income. However, recipients must first pay back benefits received in order to be eligible. For more information, visit and download Social Security Form 521.

For more tips or to find information about Golden Gateway Financial's industry leading suite of online retirement assessment tools and resources, please visit

About Golden Gateway Financial

Golden Gateway Financial, located in Oakland, California, is a comprehensive resource for senior citizens, baby boomers and soon-to-be retirees to assess their financial health at retirement. Golden Gateway helps clients reduce money concerns and live better during what should be the best years of their lives. The company's recognized resources, online tools, and award winning calculators make it the intelligent choice for seniors and their families who want unbiased and clear communication, comparison shopping for a reverse mortgage or life settlement, and related services to help enjoy retirement.

(1) Understanding Life Settlements and Industry Issues Entering 2008, Insurance Studies Institute, 2008

Contact Information: Press Contact: Michael Azzano Cosmo PR for Golden Gateway Financial 415.596.1978