You can choose to change the age at which you'll retire, keep a part-time job after retirement, or do something like move to a cheaper house to lessen the gap between what you want and what you'll actually have. Cashing in RRSPs when they're short of money. There are better alternatives, like asking your bank for a line of credit. People often have no idea how much money they'll actually need for retirement. Often it's much more than they'd imagined.
Women live longer, retire younger, and have less money with which to do it.
That makes prudent planning all the more important for them. A reverse mortgage is a way to use your paid-for home to receive a regular monthly income. The annuity gives you monthly payments for life and the income is tax-free. The lender holds a mortgage on your house, but you don't have to make mortgage payments. The mortgage is paid off if you sell the house or when you die.