Title: Innovative Trends Shaping Senior Living Beyond 2025

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My pal and buddy, Michele Holleran, PhD, recently shared her perspectives on the future of senior living in a sector publication. Michele boasts a 35-year career in senior living communities and their administration, holding roles such as a strategic planning consultant and executive leadership coach. Her insights into the aging population and associated industry make her an ideal futurist for this segment. This piece aims to share her thoughts beyond the confines of the aging and senior living circles.

Senior living has transitioned from the shadows into the limelight due to our aging population and the need for households to determine where the older generation will spend their twilight years. Like many industries, there are some unsavory players, but my personal experiences over the past 12 years have revealed that senior living staff are some of the most caring and compassionate individuals one can encounter.

Embracing Middle-Market Options

Senior living providers acknowledge that Baby Boomers and Gen Xers encompass a broad spectrum of income levels. Consequently, products designed for older generations may not cater to this generation of elders. Dr. Holleran underscores this in her article, indicating that the median retirement savings of Baby Boomers is only $202,000, with nearly half of 55-64-year-olds having no retirement savings whatsoever.

Various new products are flooding the market, with some established senior living companies expanding their offerings (e.g., Kendal's continuing care at home) and other initiatives arising through grassroots organization and development (e.g., co-living, tiny homes) (Holleran, 2022). The popularity of 55+ communities, now known as the “active adult” segment of senior living, is growing, offering multiple entry points catering to various income levels.

Approximately 20% of Baby Boomer women did not have children, representing a significant increase in the childless segment compared to previous generations. The U.S. Census Bureau has also reported a rise in the number of childless older Americans. With the high divorce rate among the 50+ population (40% of those divorcing are above 50), a substantial population of “solo agers” remains, i.e., older adults who live alone or without family support (Avigen, 2021).

Prioritizing Longevity and Well-being

Awareness of the nationwide emphasis on improving healthy years beyond 65 and focusing on brain health, strength, and mobility is driving changes in senior living communities. Older adults considering where to spend their golden years are interested in longevity science and wellness, resulting in many senior living communities transforming into hubs of healthy living, nutritious food options, and daily workout spaces (Kaiser Health News, 2019).

Bridging the Gap with Home & Community-Based Services

Senior living providers understand the interest in aging-in-place and the fact that most people are not prepared for that option. As a result, senior living is evolving to include home and community-based services. In a recent survey of 200 not-for-profit life plan communities, numbering over 60% offer home-based services, while another third plan to initiate these services in the near future (MetLife Maturity Insights, 2019).

Encouraging Intergenerational Connectivity

Many older adults express concerns about losing contact with their families and younger generations when moving to a retirement community. In response, senior living designers are incorporating public-facing amenities, such as coffee shops, dining venues, fitness centers, and farmers markets, facilitating interactions between various age groups. Some senior living communities are also located near universities, allowing residents to attend classes alongside younger students (The Atlantic, 2018).

Addressing Memory Care Needs

The demand for specialized care facilities for individuals with brain impairments or Alzheimer's disease is increasing. These specialized residences aim to provide tailored programming for those who require it. The medical community is also making strides in developing diagnostic tools and treatments for neurodegenerative diseases. In the interim, senior living has a crucial role in filling the gap in memory care, offering excellent environments for individuals coping with cognitive impairment (Brightwater, 2022).

Utilizing Technology to Enhance Community Experiences

Advances in artificial intelligence and related technologies are enabling senior living communities to provide more personalized care and services, enhancing residents' connectivity, inclusiveness, and belonging. Staffing enhancements in many communities include life coaches, concierge services, and telemedicine solutions.

In summary, the senior living industry is undergoing a transformation, driven by evolving consumer preferences, societal changes, and a growing need for diverse, personalized, and tech-enabled care solutions.

Dr. Holleran emphasizes the need for senior living providers to cater to the middle-market, as Baby Boomers and Gen Xers have varied income levels and median retirement savings of only $202,000 (Holleran, 2022). The future of senior living also involves navigating the trend of solo aging, with approximately 20% of Baby Boomer women living alone, and an increase in the number of childless older Americans (Avigen, 2021). Additionally, many senior living communities are transforming into hubs of healthy living, focusing on longevity science, wellness, and brain health, to attract residents interested in improving their golden years (Kaiser Health News, 2019).

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