Insights into the Retirement Trends of 2023
The focus of senior consumerism has shifted from health and wellness to affordable solutions. Improving and maintaining greater physical and mental health lifestyles through proactive and preventative measures is increasing. For seniors to thrive and flourish in retirement, technology and reliance on community and home-centered care is a game changer for wellness, financial viability, and happiness.
Increase of Rentals in Active Adult Communities
As adults flock to active adult communities, they create the need for more consumer services and support that allow them to live as long as possible. These are not retirement communities with expensive buy-ins. Senior health and wellness services are brought into existing communities at a lower cost.
As baby boomers age, provider models prioritize these consumers, following their retirement dollars. Boomer-centered wellness models bring fresh perspectives to a provider system stuck in traditional offerings that are no longer economically viable or desirable.
Aware of the growing need for more senior retirement choices, private-sector initiatives and government funding attempt to offset costs and make newer senior living solutions more affordable. The investment made upfront for active and integrated community living creates mentally and physically healthier seniors, keeping them out of the overcrowded and expensive assisted living and nursing home cycle.
Many seniors prefer staying home for as long as possible rather than adapting to a new environment. While technology is making this a viable strategy, current economic conditions are prompting multigenerational living. An increasing number of adult children are moving back to their parent’s homes and bringing their children with them, providing financial protection.
An extended family means more adults to manage a home environment, greater safety, in-home companionship, IT help for seniors, and reduced living expenses for multiple generations.
The US government is a proponent of home-based care as an alternative to traditional senior facilities. The senior caregiver market is under increasing pressure to provide adequate, affordable care as retaining a sustainable labor force and enough residency options for the increasing senior population becomes untenable.
Targeting Medical Technology and Services for Seniors
Unsurprisingly, big tech business follows medical market share dollars, such as Amazon’s acquisition of a tech-enabled primary care platform. The purchase of One Medical is a shakeup to stale medical provider offerings.
The e-commerce giant gained about 767,000 members and a presence in 188 medical offices in a single purchase. This new platform will disrupt existing health care delivery for Americans by circumventing the traditional medical referral system and providing cost transparency.
Telehealth continues to grow, particularly for senior groups who may find transportation to medical office buildings impossible. Virtual medical diagnosis uses wearable medical technology that monitors and communicates health parameters via the internet. Telehealth also reduces a senior’s exposure to germs in a collective medical setting in a post-pandemic world.
Still, putting the pieces together to expand viable senior health care in these newer living models presents significant challenges. However, Amazon’s balance sheet can absorb projected losses until the formulary becomes profitable. Big tech is officially in the medical market.
Wellness and Solutions Focus
The new era of consumerism in the senior living market is hyper-focused on wellness and how to provide it. Preventative health care is less expensive than reactive health care, and the solutions and mechanisms that foster preventative health care tend to bring positive living experiences to seniors.
These solutions bring socialization to the forefront, which is excellent for senior mental well-being. Fresh approaches to senior living also reduce fiscal pressure that has long kept many seniors isolated in single-living environments without technology, community, and family outreach.
Elder Law Attorneys can Assist in Retirement Planning Goals
Americans often think of retirement and financial planners as synonymous. However, financial assessment and goal implementation are part of a larger plan relating to your retirement. Elder law attorneys have a breadth of knowledge regarding retirement, financial planning, and the legal documents and contract reviews needed to meet your goals.
Senior living trends will change over time. Technology, government senior support laws, and ever-changing economic conditions mean that extended lifespans in retirement need flexibility and regular strategy review for the best outcomes of a healthy, sustainable, satisfying senior living experience. Elder law attorneys stay current with retirement planning laws and strategies to implement documents that support and adapt to changing times.
Retirement Planning and Elder Law
An elder law attorney can be invaluable for retirement planning as they specialize in legal issues affecting older adults. They have extensive knowledge and experience in estate planning, long-term care planning, and other legal issues relevant to retirees.
An estate plan must be comprehensive to protect assets and fulfill your wishes after your death. A robust, complementary, and legally enforceable series of documents, such as a will or trust, durable powers of attorney, and advance health care directives are all components of a full estate plan.
Long-term Care Planning
As you age, the likelihood of needing long-term care increases. In fact, at age 65, there is a 70 percent chance you will require some long-term care. An elder law attorney can help plan for this possibility by helping you with Medicaid planning, nursing home planning, and other long-term care needs.
Retirement planning also involves financial planning, which should complement your estate planning goals. An elder law attorney can help you develop a plan for managing your finances in retirement, including investments, retirement accounts, and other assets.
Social Security and Medicare
An elder law attorney can help you navigate the complex rules and regulations surrounding Social Security and Medicare benefits. They explain your options and maximize your benefits.
Overall, an elder law attorney provides valuable guidance and assistance in navigating the legal and financial complexities of retirement planning. Contact our office for help with a comprehensive plan to build a retirement lifestyle while protecting your assets, ensuring your wishes are carried out, providing for long-term care, and gaining peace of mind about the future.
We hope you found this article helpful. If you have questions or would like to discuss your legal needs please contact us at (270) 483-3001. We look forward to the opportunity to work with you.