Baby Boomers Changing the Face of Retirement
As the 78-million-strong Baby Boomer generation retires, senior care such as home care services, assisted living, and residential care is set to change, as this generation has different ideas about retirement than previous generations.
Aside from their sheer size, the Baby Boomer generation also wants more independence and a more active retirement than generations past. These demands are increasing strain on senior care providers to accommodate both the needs and the desires of the Boomers.
One way Boomers are changing the industry is through their life expectancy. People are living longer and longer, and the increased longevity is increasing the demand for long-term care. Providers will need to train and hire more personnel and find more economies of scale to give adequate care to retired Boomers as they grow older.
Boomers are much more reluctant to go into a residential retirement facility than their parents and grandparents, wanting to stay independent in their homes as long as possible. Home care can help support aging Boomers in their homes.
Financial companies are getting more creative in providing options for Boomers to finance long-term care. Deals like reverse mortgages are becoming more common as Boomers search for the funds they need to ensure a comfortable long-term retirement.
Always Best Care connects seniors and their families with quality assisted living and home health services. To find out more, explore our website or call 1-855-470-CARE.