When you think of tech, you may not think of senior living but the two are not mutually exclusive. In fact, the presence of tech is no longer meant for care but for senior’s quality of life. Having access to computers and other forms of tech will allow seniors to learn new skills and communicate with their families. One mistake senior living facilities make is making other aspects of the facility a priority over tech. Intricate landscaping will cost more in planning and upkeep than quality Wi-Fi. They also tend to rush into purchasing tech or skimp on quality items and services. It is best to take your time and learn what will be beneficial to your facility and make sound purchases. At S. Roylance, we immerse ourselves in the business of caring for the senior population. Please visit our site to learn more.
According to a recent study, there are more than 740,000 California residents over the age of 65 who are employed or in the process of looking for a job. As you may or may not be aware, people across the United States are retiring at a much later age than ever before. There are numerous reasons for this, several of which we will discuss later on. For many people, working past the age of 65 is actually a choice, as our population as a whole is healthier and living longer than in the past. However, we cannot deny that lingering effects of the recession are playing a role in this new trend. With Baby Boomers getting less of their Social Security than their parents did, making the decision to retire all the more challenging.
Time was, turning 65 meant you could hang up your hat and blissfully transition into retirement. However, this is no longer a guarantee. In California, specifically, 20% of residents between the age of 65 and 74 are still working. Some simply don’t have the capital to retire or are waiting to draw from their Social Security, whereas others are opting to stay employed because they enjoy their job and are more than capable of working. Let’s now look at a few additional statistics regarding seniors and retirement:
- 27% of Americans say they will work “as long as possible”
- 36% of Americans over 65 are choosing to work because they like their job
- The majority of California’s working seniors are holding jobs as college professors, CEOs, and doctors
- Seniors over 65 living in the Bay Area and metro Los Angeles are most likely to work the longest
As you can see, there are numerous factors contributing to this trend of working past the age of 65. Over the years Americans as a whole have become healthier and more aware of what we can do to live longer. This coupled with the fact that many are opting for unconventional jobs or are not in a financial place to retire means that we will continue to see people working well into their 60s, 70s, and beyond.
What Does This Mean for Senior Housing?
Over the last several months we have discussed at length the changing trends in senior housing. With the introduction of technology and trends such as the one we discussed today, it is no wonder that skilled nursing facilities are having to adjust. It is no longer as common as it once was for seniors to automatically enter an assisted living facility once they hit a certain age. This is one of the main reasons why we are seeing nursing homes and other SNFs update and make changes that are in-line with what today’s potential residents are looking for. To learn more about the changing face of senior housing or SNFs in general, please contact Shep Roylance of JCH Senior Housing Group today.
According to a recent study, the U.S. population as a whole is getting older – with approximately 49 million people age 65 and older. By 2030, 21% of the population (which comes out to about 74 million people) will be over the retirement age. This is an interesting statistic for multiple reasons, but it is important to take a look into the past before we dive into how our aging population is impacting the economy, and specifically the senior housing industry.
Per information retrieved from that same study mentioned above, in 1936 (which is when Social Security was established), 6.2% of the population was over the age of 65, which is about 8 million people. There are numerous reasons why we are seeing an older population than ever before, but it has a lot to do with the rise in births during the post-Great Depression era. Furthermore, we have undoubtedly come leaps and bounds in regards to medical advances and have also – by way of research – learned more about what is important when it comes to living a long, healthy, and happy lifestyle.
Implications on Economic Growth
These statistics are interesting in themselves, but it is important to look at them in conjunction with the U.S. economy. There are numerous different theories and ideas out there pertaining to what an older population will mean for our economy, but many predict that we will have a less productive labor force overall as Baby Boomers enter into retirement. This may, in turn, slow the economy’s growth in a major way. However, while many are concerned that our economic growth rate will slow, others suggest that many potential retirees are actually postponing their retirement, which will therefore help out the economy.
What Does This Mean for Senior Housing?
Research indicates that our society is shifting to one that boasts more independent, self-sufficient individuals with work goals and aspirations beyond the 9-to-5. Along these same lines, research shows that our current demographic makeup means that there will be less family caregivers for our seniors. While in the past it was a given that someone in the family would take the older adults in and care for them when they could no longer live independently, this is no longer the case. This is one of the main reasons why we are seeing a change in the overall operation of nursing homes. As we discussed a couple of months ago, senior living facilities are changing and adapting to this new generation of retirees in a major way. It is no secret that the Baby Boomer generation has their own way of doing things, and this is no different when it comes to retiring.
A recent report indicates that chronic diseases may play a more integral role in senior housing than we previously thought. In fact, due to an increasing number of people throughout the world suffering from some type of chronic illness, we are expecting the skilled nursing care industry to experience growth in the coming years. There are many different types of chronic diseases, some of which we will go over below. Our senior population as a whole tends to suffer from dementia, Alzheimer’s, and similar memory-related illnesses as they age. Chronic diseases such as these and others can force our elderly parents to have to give up their independence, which is where the senior housing industry comes into play. In order to adequately care for our aging population, it is important that we understand their needs and what illnesses they may be faced with. In doing so, skilled nursing facilities (SNFs) will be able to provide a higher quality of care and service to seniors.
Understanding Chronic Illness in Seniors
As mentioned, age-associated memory illnesses like dementia and Alzheimer’s are quite common among our older population. Unfortunately, there is no cure for Alzheimer’s, which is where long-term care facilities come in. According to the National Council on Aging (NCOA), approximately 80% of older adults suffer from at least one chronic disease and 68% have two or more. As we know, chronic diseases can be quite debilitating and dramatically impact an individual’s overall quality of life.
Every generation gets older and gets to the point where they must figure out ‘what’s next’. For many, this means some type of SNF. Over the years our society as a whole has changed and transformed, and SNFs are no different. With the introduction of technology and changing generations – hello, Baby Boomers – we are seeing more of a need than ever before to hone in on what the senior housing industry can do for our older adults.
With that in mind, let’s take a look at a handful of the most common chronic health concerns for seniors:
- Lung disease
- Heart disease
- Lower respiratory diseases
This is a just a short list of some of the chronic diseases that older adults in America suffer from. The aforementioned report by Transparency Market Research also notes that North America as a whole will continue to remain a big player in the global senior housing market due to its advanced healthcare infrastructure and ability to recognize industry trends and adjust accordingly.
As a senior housing brokerage firm, JCH Senior Housing Group makes a point to stay on top of reports and industry-related topics such as these. If you are interested in investing in an SNF or would like to learn more about the industry, please do not hesitate to contact us.