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Senior Living Trends: Older People Working Longer By Choice

Senior Living Trends Older People Working Longer By ChoiceSenior Living Trends: Older People Working Longer By Choice

Older workers are working way past the usual retirement age, marking a new changing dynamic of senior citizens.

Older adults are a rapidly growing demographic. Nearly one in eight Americans are now 65 years old. By 2040, the Census Bureau predicts they will account for more than 1 in 5 people in the United States. And among current seniors, more than sixteen percent were still in the labor force in 2010- a significant increase of four percent.

The trend of working longer has increase with both male and females- and the age has increased as well. While the ages of younger seniors (between 65-69), the increase in people working has been the biggest, even older demographics are continuing to work as well. Labor force participation for women ages 70-74 rose to 13.5 percent in 2010, from 8.4 percent in 1990. For men ages 70-74, it rose to 20.9 percent  from 16.6 percent.

The dynamic of higher numbers of older adults could change the traditional dynamic and structure of senior living communities. At the age when people may be thinking about various options of senior living centers, instead, they are still working.

It is assumed that they are driven to work longer by dwindling retirement savings and economic difficulties. However according to U.S. News, many are working longer simply because they like to, and they can. Our life spans are increasingly growing longer, and people are overall much healthier at 65 than seniors of past generations. Many stay in the workforce because they want to.

So what does this mean for the senior living industry? Will independent living communities see a higher number of workers in addition to retirees. Will longer life spans push back the age seniors choose to join a senior living community (if they choose to at all), or does it simply mean that the influx of increasingly older adults stress the resources of senior living communities.

At Dignicare, our goal was to develop senior living facility programs and risk management program that supported the senior living industry’s efforts to provide quality, dignified care to their residents in a nurturing environment while at the same time having the support needed to mitigate risk, protect against loss, contain cost drivers and continue to grow profitably. Give us a call today (855) 883-6306.

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