Wait a second!
- Aren’t today’s older adults products of the biggest economic boom in American History?
- Aren’t they holding over $10 trillion in home equity?
- Can’t they AFFORD to retire?
Not necessarily:
Living longer means financing more years of life
5 REASONS Older Adults Delay Retirement & Rightsizing
1) Health Care Costs: Today’s older adults can expect to live longer than previous generations, but also must work longer to save for end-of-life health care costs, which are staggeringly higher than they used to be.
2) Economy: Today’s older adults may have been born into a post World War 2 economic boom, but many had to make ends meet in the inflationary spiral of the 1970s, lost savings to the crash of 1987, & lost jobs during 2008’s Great Recession.
4) Cost of Moving: Yes, most older adults say they want to Age-in-Place, but the reasons can be financial as well as emotional. Some 55+ plus communities require a lump sum down payment in the hundreds of thousands of dollars. Even a fair amount of equity can get swallowed up quickly. The costs of Aging-in-Place, such as home health care, home maintenance & home modifications, may still be better for their bottom line than moving.
5) Covid: Being isolated During the pandemic made people more motivated to stay connected to others by continuing to work.
For many older adults, it makes sense to stay on the job and stay in their homes.
For all of us serving the senior market, it makes sense to educate ourselves about the factors that drive their decisions!
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