21st Century Retirement
A far cry from the previous nursing home model, today’s Baby Boomers are taking a page from their grandchildren’s playbook. With the rising cost of living and long term care insurance, these senior citizens are also learning to live their best with less. Technology has enabled the latest retirees to do just that. While yesterday’s elderly Americans went into assisted living centers and paid untold senior living costs to sit all day, the Baby Boomers are taking a different path.
Back to the Future
A notable sign of changing retirement lifestyle is their desire to return to the city, where the youth start to build their own lives. Where younger people need a space to rent, seniors offer them a place in their homes for less than the high cost of apartments. This creates symbiotic ties to one another. Young people get to live well for less. The elderly get to mentor and have company with those young people for less. For example, a retiree can rent out a space in an expensive area for $800-$1000 per month to a young professional. This is a much lower cost alternative to renting a unit in the same area for $5,000 per month.