Baby Boomers considering senior living retirement communities
As a Senior Housing advisor, I meet many people considering a move to a senior living community. Interestingly, I’ve noticed a trend. Younger people (baby boomers) are considering a move to senior living retirement community. Since many of these folks are or have had had to deal with aging parents; they want to plan ahead and not be a burden to their spouse, partner or children.
The baby boomers (people born between 1946- 1964) have arrived. The number of Americans ages 65 and older is projected to more than double from 46 million today to over 98 million by 2060, and the 65-and-older age group’s share of the total population will rise to nearly 24 percent from 15 percent.
Living Longer. Men who will turn 65 in 2030 can expect to live six years longer than those who turned 65 in 1970, according to the Urban Institute analysis of Social Security Administration data. The life expectancy for women at age 65 increased by four years over the same time period. “The gender gap in longevity is shrinking, and we are projecting big declines in the share of older women who become widows,” says Richard Johnson, a senior fellow and director of the program on retirement policy at the Urban Institute
Better health. Most people are also enjoying better health during their longer life spans. The proportion of adults age 80 and older reporting fair or poor health fell from 43 percent in 1998 to 34 percent in 2012, according to an Urban Institute analysis of University of Michigan Health and Retirement Study data.
Ethically diverse. The older population is becoming more racially and ethnically diverse. Between 2014 and 2060 the share of the older population that is non-Hispanic white is projected to drop by 24 percentage points, from 78.3 percent to 54.6 percent. The changing racial/ethnic composition of the population under age 18, relative to those ages 65 and older, has created a “diversity gap” between generations.
Working longer. Many baby boomers are working into their older ages than the generation that came before them. The proportion of men between ages 62 and 64 who are working or looking for work increased from 45 percent in 1994 to 56 percent in 2014, according to Bureau of Labor Statistics data. Technology allows people to work remotely from home and connect with people all over the world.
Living alone. According to The Economic Status of the Elderly (NASI Medicare Brief No. 4), “More baby boomers are likely to be living alone in old age compared to their parents, for three reasons. First, more of the baby boomers have never married. Nearly 10 percent of the youngest baby boomers (are forecast never to have married by ages 55 to 64, which is twice the rate of their parents. Second, more of those who did marry will become divorced or widowed by the time they reach ages 55 to 64—25 to 30 percent of them compared to 15 to 20 percent of prior cohorts. Finally, childlessness is on the rise. In 1989, 26 percent of couples aged 25 to 34 had no children, compared to only 12 percent of such couples in 1959. These trends will result in increase in the percent of older Americans living alone, from 21 percent of those age 63 to 72 today, to 24 percent of those 10 years younger, to 37 percent of the early baby boomers.”
Health care demands. Demand for elder care will also be fueled by a steep rise in the number of Americans living with Alzheimer’s disease, which could nearly triple by 2050 to 14 million, from 5 million in 2015. The aging of the baby boom generation could fuel a 75 percent increase in the number of Americans ages 65 and older requiring nursing home care, to about 2.3 million in 2030 from 1.3 million in 2010. It is estimated by the year 2020, nearly 12 million people will need long-term care, and this number is sure to grow with the aging baby boomer population