For most people, decisions about the future aren’t made in isolation. They take shape over time, through conversations, and through input from people who have earned a certain level of […]
According to a study by the Administration for Community Living, 17.2% of the U.S. population is over 65, and by 2040, that’s expected to grow to 21.6%. The population of people 85 and over is also projected to increase by 118% to 14.4 million by 2040. So, as the senior population grows, so will the need for senior housing. These numbers are also expected to put a strain on the health care system with a lack of caregivers and resources to care for this ever-aging population, impacting several areas of U.S. society including:
To protect against the increasing cost of housing and health care while ensuring access to higher levels of care, one of the biggest senior living trends is for older adults to consider Life Plan Communities, because of their active lifestyle and practical plan for the future.
The reality is not all the four areas listed above will affect everyone the same. However, if you’re a baby boomer living off your retirement savings, the demand for, and constantly rising cost of, senior health care could have the biggest impact on your future.
The U.S. Department of Health and Human Services reports that about 70% of seniors 65 and better will need some higher level of care for an average of three years. According to the 2024 Genworth Cost of Care Survey, assisted living in the Groton area has an average monthly cost of $9,022.
Older adults also tend to spend more on prescription drugs and other health care. In fact, a Peterson-KFF analysis of U.S. government data found that in 2019, older adults 65 and over accounted for 35% of health care spending while representing just 17% of the population. With numbers like these, it’s easy to see why the Fidelity Retiree Health Care Cost Estimate predicts a single person aged 65 in 2024 may need approximately $165,000 saved (after tax) to cover their retirement health care expenses and an average retired couple could need approximately $330,000.
With so many senior living community options available, which one is right for you? Choosing a Life Plan Community — like Vista Point at Fairview — with our modern senior living retirement lifestyle with a focus on your overall wellness will help ensure you’re able to enjoy life your way and on your terms. Should you need a higher level of care, you’ll have on-site options at a Life Plan Community.
Now’s a great time to start thinking about putting a plan in place for your future. To learn more about the only Life Plan Community in the area that combines an amazing lifestyle with stunning waterfront views, call (860) 968-VIEW (8439) or contact us here.
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