Senior living is in the midst of a major transformation, and seven major trends have emerged as key drivers of the strategic plans adopted by boards across the country. Those trends will shape the way organizations position themselves for the future to capture a new customer base in 2025 and beyond.
Trend 1: Middle-market products
Faced with the reality that boomers and members of Generation X have not saved for retirement the way that their predecessors have, senior living organizations are diversifying their product offerings, making it more affordable and attractive to those who have less income and fewer assets. The median retirement savings of boomers is only $202,000, and more than 40% of 55-to-64 year olds have no retirement savings at all, according to the Federal Reserve Board.
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