The Baby Boomer Generation And Retirement What Changes Are Being Demanded For Retirement Village
Forbes Magazine has reported that an estimated 4+ million people were born into the baby boomer generation from 1947 to 1964
. Since this generation started their descent into retirement in 2012, there has been quite a bit of talk about what impact they will have on the world. The Forbes report centered on potential sabotage for the stock market due to this massive movement toward retirement. Some are concerned that masses of retiring baby boomers will make the unemployment ratings deceptively high.Perhaps the biggest concerns are the changes retiring baby boomers may force on retirement villages across the country. Retirement villages still cater to those within the age range of retirement, but they are not the same as they used to be for generations past. More retirees than ever continue to live very active lives and remain in the workforce. From traveling to getting out for fun and entertainment, retirees are far more active than they were in the past.
A New Face for Retirees
Many retirees keep working because they cannot afford to give up their jobs, and many others want to work so they have something to do when they wake up in the morning. Now that we have great preventative care and health care is not hard to come by for most people, people are living longer than previous generations. They are staying energetic and active well into their retirement years. The baby boomers are not interested in holing up in a small apartment and quitting on life.
Fortunately, this does not mean retirement villages will slip out of favor. There will just be changes in what this retiring generation expects from their living communities. They may want tennis courts, swimming pools, and features that are commonly offered from apartment and condo communities catering to families and younger singles.
Many existing communities are remodeling and adding amenities to their properties in order to be more attractive to the changing face of retirees. In addition, new communities will have to surface to meet the demand of the retirees to come. Communities for retirees have not really taken hold in the UK in the past, but they are starting to come into fashion there right now.
New Opportunities
The massive size of this population predicts that there will be a boom of housing opportunities opening up for new retirees. Some retirees will continue to live on their own, some will live with family members, and many will consider a retirement complex if they can find one offering the standard of living they want to maintain. The improved health of retirees today predicts that many will simply stay away from the retirement areas if they do not find a very high standard of living that they find exciting.
For creative developers and investors able to cater to this active demographic, there is a lot of opportunity opening up. Those able to refurbish older communities or design forward-looking communities that fit this aging generation will have the chance to serve a massive population in need of safe living quarters.
by: Margery Pick
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