Why No City Can Afford to Forget About Seniors
This isn’t your parent’s retirement!
Baby boomers aren’t drawn to the same sorts of retirement communities their parents were. Seniors, with their greater wealth, higher levels of education, and more active lifestyles, are attracted to big cities. And for many of the same reasons that young people are: opportunity and the benefits that come along with density.
Traditionally, mayors and economic developers have focused their efforts on making their communities great places for families. Emphasizing good schools, up-to-date infrastructure, and low crime rates. Over the past decade or so, increasing attention has been paid to attracting younger talent. But one age group has factored much less in the conversation: older Americans.
10,000 baby boomers turn 65 every day.
That makes little sense, especially given the size and wealth of this age cohort. America’s median age is getting higher, fueled by the aging of its biggest demographic group, the baby boomers. Today, over a quarter of the American population, 81.5 million people, is between 45 and 65 years old, and 13 percent (40.2 million people) are 65 years or older. Ten thousand baby boomers will turn 65 every day through 2031.
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