Retirement Housing Scene Still Homely
Dr. David J. Demko, professor of gerontology and editor
AgeVenture News Service 07-14-2004
There's no place like home ... even after you retire. If you could read the minds of today's boomers what might you hear them say about retirement? As luck would have it, you don't need to be a mind reader. MetLife and AARP teamed up to report on just where boomers plan to spend their golden years. After reading the findings, I was both surprised and not surprised. In some ways, boomers reflect the preferences of last century's retirees ... but not in ALL ways. Read on.
Those at or near retirement age (50-65 years) report that adult living communities are a second choice to remaining in their own homes. So says a joint AARP and MetLife study called the "Future of Retirement Living". No surprises here. The report emphasizes the continuing importance of family, friends, and freedom among America's retirees. Rather than a new trend, these findings, I believe, replicate retirement preferences during the last century when 75-80 percent of all retirees stayed put after retirement.
Of the remaining 15-20 percent of boomers who plan to relocate, where do they plan to go? "Boomer Movers" plan to relocate to "better digs" ... get outta town. If boomers will indeed set new trends in retirement, the "Boomer Movers" will be the ones to do it. Retirement communities are still a relatively new concept. Even in today's gigantic senior living enterprise, marketers still get mental hernias trying to figure out what will draw new retirees into retirement communities. The wants and needs of these "Boomer Movers" will shape the retirement living industry. These trend setters will create the path boomer masses will follow.
Several of the study findings are reported below. However, reading the report, it was not entirely clear to me whether a representative sample was drawn in the study. As a result, whether or not the findings are generalizable to our nation's total boomer population seems unclear.
- REMAIN RIGHT AT HOME
The over-whelming first choice among those surveyed was to reside near family and friends.
- MOVING IS ALL IN THE FAMILY
If boomers did move, they prefer to be among family or relatives.
- FREEDOM TO DO MY THING
Maintenance-free living scored high among these boomers.
- LIFE CARE LIVING OPTION
37% of all respondents where curious about the option of a life care system.
- CLUSTER LIVING OPTION
34% of those surveyed were interested in a campus-like setting with supportive services.
- LONG TERM CARE NEEDS
62% plan to use Medicare to pay for long-term care. In my opinion, a gigantic misconception about Medicare.
Like I said. Some surprises, but not all. Many similarities still exist between yesterday's retirees and today's near-retirement boomers. Two words of caution. Boomers are trade-marked as a group who "says one thing, then do another" as evidenced by today's flip-flopping boomers and political candidates ... on both sides of the aisle. So what these boomers now say, may not be what they do in the future. It's a boomer thing. Go figure.
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