Americans are living longer, meaning the aging population will continue to rise, yet the number of caregivers will drop. These trends make way for builders to reinvent senior living, says Forbes. Between 1960 and 2015, the average life expectancy jumped from 67.7 years to 79.4. This is expected to rise to 85 or higher by 2040, according to Forbes. Yet by 2050, the caregiver to senior ratio will be three to one. A solution to these numbers could be ramping up construction for new retirement communities, specifically assisted living communities, memory support communities, and others that combine different levels of living.
While Continuing Care Retirement Communities and Life Plan Communities are not on the rise, there is some movement to incrementally increase capacity and improve the basic service package.
Equip Senior Living Communities With AI Technology
The second step will be to create innovative technologies that will extend the ability of the caregiver workforce to support increasing demand. In many forms, technology will need to plug the service gap for the owners and sponsors of retirement communities, for the managers and staff at those communities and for the residents and their families who rely on service and care provided.