Senior Living

5 Interesting Statistics About Senior Living

The Baby Boomer generation has reached retirement age, resulting in a higher demand for senior living facilities throughout the country. Because each retirement facility offers different programs, options, and levels of care, knowing a few interesting statistics about senior living can help when making a choice between different facilities. Today’s retiree is not the same as the retiree from previous generations, as seniors are remaining more active than before. In fact, many who have already reached retirement age have chosen to remain in the workforce, and several statistics support the fact that the elderly of today are far more active than those of previous generations.

  1. Seniors with an active social life have slower mental declines: One of the most interesting statistics to be released after a Harvard School of Public Health study was that seniors with an active social life have a slower rate of mental decline. This report follows other studies which have shown that people with an active social life in their retirement years have lower mortality rates. These studies further promote the need for senior living facilities that offer social activities for residents to slow mental decline and allow retirees to live longer, happier lives.
  2. Seniors are more active: Contrary to popular belief, the majority of senior citizens today do not spend their free time playing bingo or knitting. In fact, a study conducted by Exploritas indicated that people over the age of 85 who are participating in travel adventure has increased by 70 percent since 2004. Other studies have shown that reading, church activities, bicycling, tennis, swimming, and golf are among the most popular activities for senior citizens. Much of this increase in activity can be traced to studies that show that active seniors live longer and become disabled less often.
  3. After age 70, owning a home may not be cost-effective: For most people, retirement means an end to mortgages as many homeowners have remained in the same house long enough to pay off the home. However, research actually shows that citizens may find that owning a home may not be cost-effective any longer. According to The-Lawn-Advisor.com, lawn care costs approximately $25,000 over a 10-year period while replacing a roof, according to Costvsvalue.com, can cost as much as $20,000. Because most seniors are no longer able to do these sorts of repairs and maintenance on their own, they must hire others to do the work for them, and many seniors become the victim of unscrupulous contractors, costing them even more in home maintenance.
  4. Seniors are remaining in the workforce longer: Many studies are showing that senior citizens are remaining in the workforce long past the age when they are able to retire. A recent report by the U.S. Department of Labor Statistics indicated that, by 2019, more than 40 percent of Americans who were 55 and older would still be working. In fact, some studies have reported a significant increase in those 75 and older who are still working and still others report people working into their 90s.
  5. Demand for senior living increases: One statistic that is troubling some senior living experts is that the demand for senior living facilities is increasing rapidly, but supply has not increased to match that demand. This is causing costs for independent living facilities to increase much more quickly than before. Much of this increase in demand is due to the fact that seniors are living longer, more active lives, making the traditional nursing home less popular than independent-living facilities where seniors can participate in a variety of activities. Unfortunately, this has led to higher costs for these types of facilities during a time when many seniors are trying to manage retirement funds that may have been affected by the recent economic crisis.