By Anthony KaDarrell Thigpen
The greatest investors not only study trends, consumer studies, and technical analysis. They position themselves to react to great opportunities. Opportunity seldom knocks; it rises suddenly like a tsunami. This is why it’s important to prepare yourself for once-in-a-lifetime investment opportunities.
Ask questions, research information, and identify the necessary answers to capitalize on looming trends. These strategies strengthen savvy investors and successfully guard individual assets with loss prevention tactics. Experienced investors tend to focus on similar trends.
Senior living is currently the monumental windfall that investment moguls agree is the next big thing. It’s called the silver tsunami. With an undercurrent of 10,000 baby boomers turning age 65 every day, and 4000 turning age 85, people can capitalize on the booming industry in various ways. These unique ways are comprised of 4 need-to-know perspectives:
- How Life-Expectancy Effects the Senior Living Industry
- Modern Trends Within Assisted Living
- How Baby Boomers Are Changing the Landscape of Senior Housing
- Engaging Solutions with the Residential Assisted Living Academy
How Life-Expectancy Effects the Senior Living Industry
The baby boomer generation consists of individuals born between 1946-1964. These 74.1 million individuals are now reaching retirement age. As a result, the demand for assisted living and memory care is skyrocketing. In addition, advanced medical diagnostics, treatments, and procedures are increasing the life expectancy of aging senior populations. This combination of timing and medical advances means that your aging parents and loved ones are more likely to eventually need long-term care.
Many families are currently over-stretched already — juggling the responsibilities of raising children, working full-time careers, volunteering with charities, and fulfilling relational obligations. Others are simply not prepared to provide 24/7 care for an elderly parent. “According to the National Alliance for Caregiving, the value of unpaid care for approximately 65 million at-home caregivers is estimated to be worth $375 billion.”
Coincidently, adult children frequently become emotionally overwhelmed with the role reversal of helping their parents with activities of daily living. Also, when mom and dad decide to stay in their own home, at some point, caregivers are unable to keep them safe and healthy. For the rising number of parents diagnosed with various forms of dementia, at-home care becomes practically impossible.
America is currently facing a silver tsunami – a steady wave of aging loved ones who will need professional assistance with activities of daily living. This silver tsunami is the trend that will have a huge impact on families across the country. Therefore, savvy investors have locked their sights on the assisted living industry.
Modern Trends Within the Assisted Living
- 74.1 million baby boomers born between 1946-1964
- 10,000 baby boomers turn age 65 every day
- 14.9 percent of the U.S. population is 65 or older
- Based on population rates, the senior population will double by 2030
- The 2030 demand for health care professionals and direct care staff is 5 million
- 7 out of 10 Americans over age 65 will require long-term care
- 4000 baby boomers turn age 85 every day.
- 4 million people are living with Alzheimer’s today
- Alzheimer’s diagnosis is expected to nearly triple to 14 million by 2050
- 10% of people 65 and older will develop Alzheimer’s
- 50% of people 85 and older will develop Alzheimer’s
- Approximately 65 million Americans provide unpaid care for someone 50 and older
- 7 million Americans are caring for people with dementia
How Baby Boomers Are Changing the Landscape of Senior Housing
In addition to traditional trends, consumer studies show that baby boomers bring a unique set of demands. They are redefining a culture for elderly lifestyles that is drastically changing the senior housing industry in new ways. Distinct demands have been placed on the industry to provide this savvy generation with innovation, activities, amenities, and entertainment that is cutting edge.
The aged-old concept called “old folk’s homes” does not suit the needs of this particular group. They are innovative, technologically driven, and forward thinkers. Baby boomers view age as a mere number and aging as a state of mind. You are as young as you feel, right? As a result, comfort and convenience are at the top of their priority list. They are highly influenced by their adult children who inspire them to feel younger.
According to a Pew Research Center study about Growing Old in America, seniors actually embrace the benefits of aging. The study reported that seniors say they have more time for hobbies. Age allows them the freedom to travel and do volunteer work. Most importantly, they reported enjoyment in being able to spend time with their families, especially their grandchildren.
As a result, finding land and building large suburban retirement communities does not suit the needs of this new aging population. Studies show that baby boomers want to be a part of the community, not isolated into large commercial buildings surrounded by parking lots. Instead, they want to live in traditional neighborhoods, near children and grandchildren. As the silver tsunami rises, these seniors are changing the landscape of the industry. This is why savvy investors and entrepreneurs need to get ahead of the curve.
Engaging Solutions with the Residential Assisted Living Academy
With no uncertainty, the United States has limited age-restricted housing, leaving a colossal opportunity for investors to tap into the market. The high senior housing demand has also resulted in high occupancy rates and lengthy waiting lists. People don’t know where to go.
Fixed-income seniors are getting priced out of apartments, unable to maintain and function in their own homes, and adult children are often unable to accommodate mom and dad. As more baby boomers age, the rising surge for senior housing will continue to increase. The senior housing industry is trying to prepare for the silver tsunami to accommodate this new wave of residents.
Clear across America, big-box facilities are breaking ground on new commercial-style communities. However, the industry will need to evolve in order to meet the unique expectations of this baby boomer population. The Residential Assisted Living (RAL) Academy (a Senior Living Foresight partner) is educating entrepreneurs about a new standard in senior housing. The RAL Academy has etched out a blueprint and training curriculum for a better way to serve the aging population.
Residential Assisted Living is a unique, two-fold business opportunity consisting of real estate and senior care. The business provides room, board, housekeeping, supervision, and personal care assistance with basic activities like personal hygiene, dressing, eating, and walking.
The industry is comprised of real estate owners and assisted living home operators. One’s involvement depends on whether a person wants to be hands-on or hands-off. The RAL Academy blueprint is helping entrepreneurs to start senior housing businesses and gain financial freedom.
Instead of settling for the status quo within the current assisted living industry, this blueprint defines a better quality of life for seniors in a single-family home environment. It has better staff-to-resident ratios, which helps to lessen life-threatening fall risks. Caregivers are able to build relevant relationships in a more intimate setting.
Ultimately, the RAL Academy blueprint/model is successfully gaining increased momentum nationwide because it redefines a unique mixture of comfort, technology, activities, and entertainment at more affordable costs. This approach to excellence is winning the hearts of residents, their families, and dedicated caregivers. This is an incredible once-in-a-lifetime opportunity that allows entrepreneurs to do good and do well at the same time.
Learn everything you need to know from A-Z about owning and operating an assisted living business. Start by contacting www.RALAcademy.com to get connected to the leaders in the industry and prepare for a silver tsunami of new-aged seniors.
