If you read my blogs you will know I am a great fan of Laurie Orlov and her insights about ageing in place technology. Once a year, she publishes a free publication that is a must read if you are in anyway interested in the market opportunities created by population ageing.
It is pointless trying to summarise the publication - just download and read it.
What I will point out is the statement that conditions, in my view, everything to do with the way the market for age-silo products and services will develop.
The median net worth of the 75+ age range (USA) is now $156,000, inclusive of home equity. This is deferring moves to assisted living – its move-in age now a mid-80’s and frailer demographic. But boomers are right behind them – and even less able to move in. They have simply not saved enough – holding an average retirement savings portfolio of only $136,000 – enough for just two years of a private assisted living community. And worse, the average 65-year- old enters retirement years with an unprecedented level of debt.
So let's put it another way. A few, older people (including boomers) are going to have enough income and wealth to enjoy their retirement and move into care. But they are the minority. That said, they are almost certainly in better financial health than their children and grandchildren.
On a less serious note - this statement from the report made me laugh. 'Caregiving apps multiply like weeds'. That is a statement I can agree with. Dick Stroud
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