The pandemic pushed many into retirement early and unprepared

<h2 class="p1">Without audience targeting are Google Ads Dead? Think again…</h2> Early this month Google announced new restrictions for targeting specific audiences. The restrictions apply to content related to housing, employment, credit, and those who are disproportionately affected by societal biases. The news of these restrictions created quite a stir among industry brokers and lenders who heavily rely upon targeted Google ad campaigns. All which may have you asking if these changes will kill future reverse mortgage advertising on the world’s most popular search engine. In just a moment we’ll hear from our online SEO expert Josh Johnson to find out. <a onclick="read_toggle(1043960909, 'Read More', 'Read Less'); return false;" class="read-link" id="readlink1043960909" style="readlink" href="#">Read More</a> <div class="read_div" id="read1043960909" style="display: none;"> Google’s restrictions are not necessarily novel nor unexpected. It was just over two years ago Facebook faced scrutiny from federal regulators for allowing those offering credit or housing finance to restrict ad audiences by race or religion among other questionable metrics that would violate HUD’s fair housing rules. An investigation by ProPublica broke this news in October 2016. It was nearly two years later in August 2018 that HUD filed a formal complaint against the social media giant for discriminatory advertising practices. Seven months after HUD’s complaint Facebook announced sweeping changes. Both Facebook and later Google, took a blunt approach much to the chagrin of lenders and service providers. What ad filters are going away? In its official release Google revealed, “credit products or services can no longer be targeted to audiences based on gender, age, parental status, marital status, or ZIP code.” Is this the end of Google ads for reverse mortgages? To answer that question I reached out to Josh Johnson who heads up Reverse Focus’ Online Dominance SEO program and Google marketing. Here’s his explanation. Here’s what makes Google unique from other platforms and why reverse mortgage Google ads will continue to reach the intended audience. To summarize, older homeowners are intentionally seeking out reverse mortgage information on Google which means, yes-your ads will be seen by your target audience, even though you can no longer target specific age groups. <img decoding="async" class="wp-image-21372 alignnone" src="https://apirodev.com/reverse-mortgage-news/wp-content/uploads/2020/09/In-post-pix.004-300x169.jpeg" alt="" width="691" height="389" srcset="https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.004-300x169.jpeg 300w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.004-1024x576.jpeg 1024w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.004-768x432.jpeg 768w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.004-1536x864.jpeg 1536w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.004.jpeg 1920w" sizes="(max-width: 691px) 100vw, 691px" /><img decoding="async" class="alignnone wp-image-21373" src="https://apirodev.com/reverse-mortgage-news/wp-content/uploads/2020/09/In-post-pix.001-1024x576.jpeg" alt="" width="681" height="383" srcset="https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.001-1024x576.jpeg 1024w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.001-300x169.jpeg 300w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.001-768x432.jpeg 768w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.001-1536x864.jpeg 1536w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.001.jpeg 1920w" sizes="(max-width: 681px) 100vw, 681px" /> <img decoding="async" class="alignright size-large wp-image-21374" src="https://apirodev.com/reverse-mortgage-news/wp-content/uploads/2020/09/In-post-pix.002-1024x576.jpeg" alt="" width="1024" height="576" srcset="https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.002-1024x576.jpeg 1024w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.002-300x169.jpeg 300w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.002-768x432.jpeg 768w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.002-1536x864.jpeg 1536w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.002.jpeg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /> <img decoding="async" class="alignright size-large wp-image-21375" src="https://apirodev.com/reverse-mortgage-news/wp-content/uploads/2020/09/In-post-pix.003-1024x576.jpeg" alt="" width="1024" height="576" srcset="https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.003-1024x576.jpeg 1024w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.003-300x169.jpeg 300w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.003-768x432.jpeg 768w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.003-1536x864.jpeg 1536w, https://www.hecmworld.com/wp-content/uploads/2020/09/In-post-pix.003.jpeg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /> </div>

40% over 50 would not have retired or considered retiring

AARP research found that two in five workers, or forty percent of those aged 50 or older would not have retired, left a job, or even considered retiring had it not been for the coronavirus or COVID-19 pandemic. By October 2021actual retirements jumped seven percent higher than January 2020.

Analysts at the Federal Reserve Bank of St. Louis discovered that the rate of retirements during the pandemic exceeded anticipated retirements among the baby boomers. By August 2021 there were over 2.4 million more retirements than anticipated.

Call it the great resignation or a natural result of a worldwide pandemic. Either way, you slice it…

older Americans either chose to retire or were forced to as a result of economic shutdowns or health risks from repeated exposure to the public.

The Federal Reserve of St. Louis’ Institute for Economic Equity (IEE) found older workers with higher levels of income and education tended to remain on the job thanks to jobs that allowed for a remote work environment.

In August 2020 this show examined ‘involuntary retirements’. One of the impacts of the pandemic was undeniable- a surge in unemployment. In January 2020 the unemployment rate for those 55 and older was 2.6% By April 2020 unemployment surged 13.6% for the same group.

Will we see a great ‘unretirement’? That would be good news considering that the U.S. is facing an unprecedented labor shortage with over 10 million job openings. Market Watch columnists Geoff Sanzenbacher and Matt Rutledge examined the history of individuals re-entering the labor force over the last four decades. For this, they turned to the Census Bureau’s Current Population Survey (CPS). The survey found the rate of retirees returning to work has remained relatively low even during economic recessions and expansions. Examining the CPS study they found unretirements averaged about six percent.

One factor that can hasten many to return to work is inflation. Older Americans on a fixed income are seeing their purchasing power diminish more and more each month as the costs of goods and services continue to rise.

All this leaves reverse mortgage professionals in the unique position to help Older Americans in a number of ways. One is to assist those who wish to retire but are unable to due to cash flow constraints. Another are those who recently returned to work out of economic necessity but would prefer to exit the workforce. And not to be overlooked are retirees who will not return to work but who suffer the effects of inflation which reduces their standard of living.

The full impacts of the COVID-19 pandemic may not be fully understood for several years. What we do know now is older Americans need realistic solutions that provide a means to improve their monthly cashflow without the burden of additional payments for a line of credit or cash-out refinance.

What impacts on retirement have you seen as a result of the pandemic? Leave your comments below.

Resources cited:

[AARP] Declines in Labor Market Participation Driven by Retirement Among Workers Ages 65 and Older

Editor in Chief: HECMWorld.com

As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.

Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.

Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.