The Baby Boomer generation (born 1946–1964) is heading to retirement, and their golden years are looking a little different than we’ve observed in the past. There are 75 million baby boomers, which means a huge demand for senior housing in the years to come.
According to the Urban Institute, “half of people between 62 and 69 have saved less than $104,974 for retirement. By the year 2036, 40 percent of individuals over age 62 are projected to have financial assets of $25,000 or less.”
This becomes a serious issue when much of retirement home construction happening now is aimed at the affluent luxury market. Developers have profited from building retirement facilities with amenities such as swimming pools, spas, and movie theaters. However, middle to low-income baby boomers aren’t going to be able to afford places like these — potentially leaving them in unfit homes for the elderly.
Some Baby Boomers are terrified that when they need to be in an assisted living facility, there won’t be vacancy for them. This has led Baby Boomer in their early 60s to already start moving into facilities that offer elderly assistance…but that means a much higher lifetime cost than
One other important consideration is that members of the Baby Boomer generation are known for being independent go-getters. Many are reluctant to move into an assisted living facility at the expense of their independence.
With the shrinking availability of affordable assisted living care and the reluctance to sacrifice freedom, an option that makes sense for more and more of the population in in-home care. There are many home care services that can be provided in the comfort of one’s own home, including meal prep, assistance with bathing and household tasks, and much more. The future is uncertain and what exactly aging is going to look like for baby boomers is even more unclear. We do know that the population of people over the age of 65 is increasing rapidly, and that more and more will choose homecare. Because high-quality care in the home will be in greater demand, identifying quality, trained, trustworthy caregivers will be essential.
If you’re a Baby Boomer who has been tasked with caring for an elderly loved one, it’s important to keep in mind that you must take care of yourself as well. Check out our downloadable guide for some great tips on self-care.