The 4 key areas that are shaking up the senior housing industry

10,000 baby boomers are retiring daily. Similar to the previous generation, baby boomers will be downsizing and seeking a new style of living, but their preferences will be extraordinarily different than that of their predecessors.

4 key areas will shape the way in which baby boomers will retire:

1. Technology: contrary to the generations before, baby boomers have access to modern technology that will influence how they spend their retirement. Wearables, home devices like Amazon’s Alexa or Google’s Echo, and  tablets are helping seniors stay connected while improving their lives.

2. Well-being: fitness regimes and nutritious lifestyles are growing trends that are desired by seniors. Facilities that incorporate classes and offer a means to stay fit and healthy will help slow down aging and be more sought after as a result.

3. Personalized care: another way in which the baby boomers will be differentiated from the generations before will be the ways in which they are cared for. The boomers will expect personalized care and concierge style services to meet their needs, and they will not tolerate the condescending way in which many have been treated in senior living facilities.

4. Community: According to the Pew Research Center, the number of adults living alone has been steadily declining since 1990.  PRC also states that older adults who live alone are less likely to be financially comfortable, have contact with friends or family, and spend time on hobbies (see sample chart below). Given these statistics, it is more important than ever that senior living offer a community-based lifestyle to keep older adults vibrant, happy, and engaged.

 

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