by Alden Smith
Statistics show that by 2008, the first wave of Baby Boomers will have reached retirement age. This population, the backbone of the work force, means that 82 million people are going to be retiring. Because of this huge number of people, services for them have to meet their needs. When we speak of services, we talk about things such as health care, social services, spiritual needs and housing and transportation. These things constitute what needs to be in place when the influx of Baby Boomers into retirement begins. In this article, we will discuss these services, and the impact they have on retired people.
Health Care
Because so many people reaching retirement age are beginning to show signs of chronic ailments, health care is at a premium. Their needs may be an in-home health care aide or there may be prescriptions that are needed for an ongoing illness. Because of this, the cost of health care can soar as we age. It is a known fact that Baby Boomers are often fanatical about their health, and have good plans such as diet and regular exercise in place. Innovative health centers for boomers can go a long way towards addressing senior needs. Taking steps to prevent illnesses are more cost-effective than simply medicating an illness. Expect health and exercise programs to grow exponentially as boomers retire.
Social Services
Baby Boomers are known to live life to the fullest. On television, we often see the active lives they lead. The need for social services such as senior travel, dating, community meetings, mentoring, volunteerism, and religious services will continue to grow as this population retires. Many seniors report that they will seek part-time employment or volunteer work so they can continue to be productive, active members of society. Look for companies in the know to expand services and even create special services for the Boomers.
Housing and Transportation
As boomers retire, their needs for different housing grow. Already there is an impact on the housing market because of boomers feel that they no longer need a huge house to care for, and they want something that pretty much takes care of itself. We will see them move to condos or care-free homes on golf courses, and to retirement villages. Overall, this downsizing will affect the housing market a great deal. Today we see urban areas being revitalized, with more access to shopping and other services. These urban malls are being built in neighborhoods that have many residential apartments and condos nearby and are attracting a great many seniors.
Downtown areas are also becoming more centralized, with a lot of good transportation services in place. Because many boomers don’t tend to drive as much as they used to, these services are especially important for this population, because these people have the need to be out and about. Senior living communities are noted for providing support for their members and for planning activities that improve quality of life. Bus and train companies are working hard to build a reduced rate system to serve the needs of this population. One resulting benefit is the increased amount of visitors to downtown areas. Also, seniors with limited mobility and incomes are able to get out a lot more.
Spiritual Services
A lot of Boomers have been on a quest for many years to find spiritual satisfaction. No longer are mainstream religions the only mainstay of this population. Many of them are exchanging their traditional beliefs for other, more unorthodox religions, such as Unitarianism and Buddhism. No longer a slave to these traditional beliefs, they need a place to congregate and worship. This is an exciting area for many, and we should see a real influx of creativity and reformation coming from this viewpoint. Also, services for such things as legal wills, living wills, advanced directives, funeral arrangements, and spiritual services will become very important in coming years.
Financial Services
There is a great need for a good financial planner to help the Boomers plan for retirement. They can advise the person reaching retirement age whether or not to downsize their home, reallocate assets or move stocks into a different category such as bonds to protect their investments. The wise financial planner will gauge the person's needs, lifestyle and wishes for retirement, and plan accordingly. Estate planning in the event of heirs and tax considerations also needs to be addressed.
With Baby Boomers retiring, a lot of extra services will be needed. Those services available will need to be ramped up to handle the onslaught of people retiring. It is also the individual's obligation to ensure that everything is in place. Be sure to have your needs covered when you retire.
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