As we continue to operate in a challenging economy, it's abundantly clear that your goals must align with the financial goals of your clients.

Seventy-seven percent of Americans feel anxious about their financial situation, and half of them feel that their finances control their lives and have difficulty controlling money-related worries, according to a recent Mind over Money survey from Capital One and the Decision Lab.

Vast numbers of Americans are worried about saving for retirement, rising living costs and managing debt. Double-digit price increases have raised American spending for food, energy, and transportation, with the costs of those goods up more than 7% in the past year.

Across the board, paychecks are not going as far as they did 12 months ago. The federal funds rate went from less than 1% a year ago to nearly 4%, so the cost to finance practically anything, from cars to appliances, has increased. Also, the average 30-year mortgage rate rose from 3.25% last year to about 6.75%. That means that the monthly payment on a new $300,000 mortgage is $600 more per month than it was for the same loan that originated a year ago.

Despite this, opportunities exist for agents and advisors who can bring solutions to increasingly nervous clients. While helping clients rearrange their finances may not be enough, agents can look at all their significant assets and see what other options are available to them. Here are three options to consider:

1) Ask if it's time to downsize? Many boomers still live in big houses that have appreciated in value over time. Is it time to recommend that they cash in on some of their real estate wealth and move that money into assets under management, an annuity, or some other vehicle that can help provide more money to live on? These options may need to be addressed.

2) Maybe a reverse mortgage? It may be time to take a hard look at a reverse mortgage or similar option. This may not be an area in which agents and advisors have deep experience, but it could be in your client's best interest to look at ways to get some value out of their home while they continue to live in it.

3) Sell all or part of a life insurance policy? Arguably, there's more life insurance in force today than at any time in history. More than 46 million new policies were issued last year while lapse rates went down, according to American Council of Life Insurers. Many clients don't know that their life insurance is an asset they can leverage and it's the responsibility of agents and advisors to explain it to them. This option becomes even more relevant for clients considering letting their policies lapse without getting anything in return. More than $200 billion in face value of life insurance lapses every year, according to a 2018 Conning Study. It's a huge potential market and one that many individuals still don't know anything about.

Aging boomers still represent the most insured generation of all time and thousands of them are retiring each day, mainly on a fixed income. They need options to counter inflation and rising costs.

This should be the time when all options must be put on the table for senior clients. A market analysis can help clients understand how their finances would change if they downsized. Reverse mortgage companies provide free quotes. The sale of a life insurance policy starts with a policy appraisal. Agent and advisor need to start conversations with clients to understand their needs to provide the best possible advice.

Wm. Scott Page, a life insurance policy appraisal expert, is CEO at policyappraisal.com and WeBuy75.com.