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 [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][source: Medicare.gov].
Retirement communities of today. The challenge faced by many of existing senior living communitiesis how do you attract a younger clientele when the current resident population has been living at the community for the last 10 to 15 years and are much older. Activities and dining are geared towards the existing population and not the new customer walking through the door. Change is never easy, however if the senior community can make a paradigm shift in their thinking, they may have a golden opportunity to attract these baby boomers. This new generation of residents want choices and flexibility. They are health conscious and expect a high level of service. Activity programs that end at 4:00 pm are not going to do it for these folks.
The cruise industry made the shift. Senior living communities need to follow. 10-15 years ago, the only people who went on cruises were basically senior citizens. Now, cruises offer ‘experiences” and offer personal services that are catered to the individual. You can get a personal massage or have enjoy a romantic candlelight dinner with your partner. How about a Zumba class or a nature excursion off the boat. Choices. Flexibility. Catered Lifestyle.
Retirement communities of tomorrow. Fortunately, some senior living communities are catching on. Flexible dining options, wine tastings, tai chi classes are being offered at some of the more progressive senior living communities. LBGT retirement communities are starting to emerge.
Recently, news broke that Jimmy Buffet is planning to develop a Margaritaville retirement community in Daytona Beach, Florida for Parrotheads “55 and better” seeking an “active adult community” while wasted away again, the Latitude Margaritaville will open its first branch in Daytona Beach, Florida, with similar communities also in the works. “Inspired by the legendary music and lifestyle of singer, songwriter and best-selling author Jimmy Buffett, your new home in paradise features exciting recreation, unmatched dining and FINtastic nightlife,” the Latitude Margaritaville site says. The $1 billion project, a collaboration between Margaritaville Holdings and Minto Communities, aims to create 7,000 homes in Daytona Beach; since announcing Latitude Margaritaville. The property has reportedly already received over 10,000 registrations.
The age wave is coming ashore. It’s time to put on your baggy shorts. grab your board and catch the wave.
Selecting a senior living community is a complicated process. Here are the top 10 senior housing researching tips.
1). Consult with a senior housing advisor. Make your life easier by consulting with an expert who is familiar with all the options in the area and someone who takes the time to understand your wants, needs and desires. Ideally, this advisor should be looking after your best interest and have a fiduciary relationship with you. Understand how the advisor is compensated since some advisors will collect commissions from the senior housing community they recommend to you which may not be in your best interest. This is could be a huge conflict of interest.
2). Determine where you want to live. This might seem basic, but it is amazing how many people research senior housing communities in areas that they know they don’t want to live. Speak with your family and determine geographically where you want to live. Once you have narrowed this down, try to narrow it down even further by zeroing in on specific areas within that geographic zone. This will help you pin-point your research.
3). Determine your time frame. There is a saying we have in this business. “It is better to be 5 years to early than 5 minutes too late.” Many quality senior housing communities have medical acceptance criteria to move in; therefore if you wait too long, you may not get accepted. Think about your time frame and what needs to occur between now and then. Keep in mind that researching various senior housing communities will take some time, so you probably want to start earlier than what you imagine. Some senior housing communities have wait lists, so it might be necessary to get your name on a list before you are able to move in.
4). Review policies and procedures. Understanding the rules of the senior housing community is something that many people fail to do before they move in. Some examples include: Is there a dress code? What is the pet policy? Can you use your extra meals for guests? What are the qualifications of the person who is responding to your apartment in case of an emergency? As a senior housing advisor, this is an area were true expertise helps to ask questions that you may not know to ask. It is always a good idea to get a copy of any agreements you will be expected to sign and have your attorney review these documents.
5). Tour one senior housing community per day. Visiting a senior housing community take a lot of energy. Call ahead and schedule a personal tour of the senior housing community. Where comfortable shoes since you should be prepared to walk some distances during your visit. Take notes and ask questions that you want to ask. Keep in mind that not only do you want to look at apartment floor plans, but more importantly, you want to get a feel of the lifestyle of the community. Can you see yourself living at this senior housing community?
6). Tour the health care facility. One of the main reasons you are considering a move to senior living community is for the peace of mind of on-site health care services, therefore touring the health care facility is a must in your research. When touring the health care center, pay attention to how the residents are being treated by the staff. Take a look at the activity calendar and the menu. Observe if the facility appears clean and fresh. If possible, speak with family members to see if their loved one is receiving quality care. Most states conduct annual inspections. Ask to see the inspections reports for the last couple of years.
7). Sample activities and dining. As part of your research, it is important to sample the lifestyle of the senior housing community you are considering. Take a look at their activity calendar to see if there program that interest you. Maybe there is an exercise class you can join in on. Maybe you are join a bridge group to see if the other residents are similar to you. It is also a good idea to have dinner at the community. You might be offered lunch, however dinner is where you will meet the majority of residents. The more can get a feel of the lifestyle of the community, the better you will be able to determine if this is the right community for you. Your transition will also be much easier since you will already know some people when you move in.
8). Understand the pricing structure. It is important that you fully understand the pricing structure of the senior housing community you are considering. What are the refund provisions? What is extra? Is future care included or do you pay extra for it? What has been the history of rate increases? It is also important to understand how financial stable this senior living community is? The last thing you want to do is move to a place and later find out that this community is having some financial challenges.
9). Look beyond the glossy brochure. You receive a beautiful brochure in the mail and you think you’ve found nirvana. Everyone looks so youthful and happy in the photos. The community is clean and immaculate. Unfortunately, these are paid models in the photos and the community photos are staged. Yes, its a good starting point, however there is much more to your research than the brochure.
10). Make an educated decision. Utilize the resources you have to help you make an educated decision. Consult with a senior housing advisor to gain valuable insight into the senior communities you are considering. Ask questions and find a community that fits your lifestyle. Take your time, but don’t wait too long.
BLUE ZONES PROJECT RECOGNIZES SENIOR HOUSING SOLUTIONS
The Blue Zones project is based on the world travels of Dan Buettner, who identified communities worldwide where people share traits of great longevity. He wrote a New York Times bestseller about the nine principles of longevity. The “Power Nine” principles include eating a plant-slant diet, moving naturally by walking, biking or similar activity, having a sense of purpose, limiting alcohol intake, putting family first, belonging to a social group and more.
Buettner retained Healthways for program guidance in communities that are seeking Blue Zones
designation, where a significant percentage of the populace is taking steps to change their
environment and lifestyle so healthier choices are preferred.
“Blue Zones Project is thrilled to have Senior Housing Solutions as our newest organization to become Blue Zones Project Recognized in Southwest Florida! Not only did Senior Housing Solutions go above and beyond in their commitment to the project, but Bruce Rosenblatt has become a wonderful ambassador- helping to foster well-being throughout the community.”
“After learning more about the Blue Zones project, I feel that the core principles are very similar to that of my organization in promoting successful aging… Living with a purpose, making healthy choices, staying physically and socially active and enjoying a community lifestyle.” “The more people can embrace these principles, the less likely they will need extended long term care as they age,” said Bruce Rosenblatt
To date, 25 businesses, country clubs, schools churches, nonprofits, restaurants and the like
in Southwest Florida have earned Blue Zones designation where at least 25 percent of people
within each group have taken the pledge to adhere to healthier selections and the business or organization
has made structural changes accordingly.
The NCH Healthcare System is the sponsor of the local project.
It may seem very easy to open a phone book or search the internet for a name of an elder law attorney; however, finding the RIGHT one that fits your needs actually will require some research.
Over a cup of coffee, I met with a friend and colleague to discuss how exactly do you chose the right Elder Law attorney. According to Elder Law attorney, Ed Smith of Southwest Florida Estate Planning, (www.southwestfloridaelderlaw.com), there are some key factors involved in selecting the right elder law attorney. These include:
Seek a referral/recommendation. Talk with your friends, your financial advisor, your accountant, your family attorney and your anyone else that may know of an elder law attorney.
Evaluate the credentials. Attorneys must be licensed in the state that they are practicing law and must be registered by the Bar Association of that specific state. In addition, Elder Law attorneys can be members of National Elder Law consortiums, such as ElderCounsel (www.eldercounsel.com) or NAELA (www.naela.org) which can be a resource to use for credentials and overall information. Attorneys can also become Board Certified or maintain other awards which can assist with learning about the attorney’s credentials.
It’s all about the relationship. Utilizing the services of an elder law attorney is very personal. It is important that you trust that your attorney is looking after your best interests. Many attorneys can provide you the end result, however a good elder law attorney will present you with a number of options to help solve your situation. Empathy is an important consideration as well. Your attorney should truly understand your situation and have a genuine interest in helping you.
Understand the fee structure. Some attorneys will charge hourly while others will charge a flat rate. It is important to know this upfront and be comfortable with the arrangement. A flat rate might appear a bit high at first, however you won’t be nickel and dimed for every 5-minute phone call you make. The scope of work should be defined as well terms should be clear should you want to terminate the agreement.
There are many types of attorneys, however an Elder Law attorney specializes in Medicaid and Long term planning, veteran benefits, and other special need and government assistance planning. An Elder Law attorney is not a financial planner but should be willing to work with your financial planner and CPA to help you develop a solid plan for your future.
A good elder law attorney should help understand your current status and have an open discussion about what you want to accomplish in the end. You and your attorney should openly discuss goals, objectives, as well as pros and cons of certain approaches.
Being a centralized resource is one of the main focuses of Senior Housing Solutions. It’s important to find a trustworthy and quality provider when you need support services. That’s why we have developed a vetting process to verify the credentials of every business listed in the Eldercare Directory.
ONE-STOP SHOP
Senior Care Solutions!
Being a centralized resource is one of the main focuses of Senior Housing Solutions. It’s important to find a trustworthy and quality provider when you need support services. That’s why we have developed a vetting process to verify the credentials of every business listed in the Eldercare Directory. We have also included other organizations (most nonprofits) to be a resource to you – these organizations have not gone through the application process.
Our screening process includes:
A completed and approved application
Regulatory compliance review
State license (s) verification
Insurance coverage
Legal and lawsuit notification
Third party letter of recommendation
On-going monitoring and feedback from clients
Ways to use the Directory:
Attorneys – Elder Law
Audiology services
Chiropractic services
Computer repair
CPAs
Dental services
Eye care professionals
Financial planners
Funeral services
Home health care agencies
Insurance specialists
Medical services
Move coordinators/interior designers
Professional services – videographer, website design, public relations
Real estate professionals
Reverse mortgages
Senior housing consulting
Veteran’s benefits
And much more…
Other support services are also listed in the directory to be a resource to you!
Accessing the Directory is completely free! Just click below for access.
