Will Retirement Communities Run Out of Room? What You Need to Know About the Silver Tsunami
Welcome to the roaring 2020s, where the baby boomer generation is ready to ride the wave into retirement. Known as the “Silver Tsunami,” this tidal wave of retirees is reshaping the landscape of senior living, with nearly 10,000 boomers retiring each day. If you’re among the recently or soon-to-be retired and dreaming of a fun and secure retirement lifestyle, you might want to catch this wave early. When it comes to securing your spot in a top-notch Life Plan Community, the best time to make your move might be sooner than you think, as the increase in demand continues to be on the rise.
Understanding the Silver Tsunami
The term “Silver Tsunami” refers to the demographic wave of baby boomers (born between 1946 and 1964) who are now reaching retirement age, creating a significant shift in the population’s age structure. According to the U.S. Census Bureau, the share of the population aged 65 and over more than doubled between 1940 and 2020, from less than 7% to nearly 17%. This influx is driving up demand for senior services, health care, and particularly, retirement communities.
As the Silver Tsunami continues to swell, it’s expected that the need for high-quality retirement communities will far exceed the supply. This imbalance could lead to longer waitlists, higher costs and limited availability for those who delay their decisions.
The Case for Moving to a Life Plan Community Now
Life Plan Communities, also known as Continuing Care Retirement Communities (CCRCs), offer a unique model of senior living that provides residents with independent living and at least one higher level of care, located conveniently all on one campus. This means that as residents’ needs change, they can transition seamlessly through different levels of care without leaving the community.
For communities like Cypress Village, the benefits of moving in sooner rather than later are clear:
Shorter Waitlists
As the Silver Tsunami progresses, waitlists for the most desirable communities are expected to grow. Moving into a Life Plan Community now rather than later helps you secure a rightsized residence at the community of your choice. While some communities already have waitlists, they are likely to be shorter now than they will be in the coming years, so acting now will ensure you have more and better senior living options.
Priority Access to Health Care
One of the most significant advantages of Life Plan Communities is the priority access to health care services. By moving in early, while you’re still able to live independently, you ensure that you have access to high-quality care as you age. This is particularly important as the demand for health care services is also expected to rise in tandem with the Silver Tsunami.
The Value of Predictable Rates
Life Plan Communities offer contracts that provide predictable health care costs. This financial predictability protects residents from the ever-rising costs of long-term care on the open market and helps in managing personal finances throughout retirement.
Enhanced Lifestyle
Beyond the practical and financial benefits, moving to a Life Plan Community allows you to start enjoying the lifestyle benefits immediately. The best communities offer a range of activities, social opportunities and amenities designed to help you enjoy every day. From fitness centers and cultural events to dining options and scenic environments, communities like Cypress Village are crafted to enhance your quality of life.
Don’t Wait – Ride the Wave In Today
The Silver Tsunami is upon us, and the demand for high-quality retirement living options is on the rise. By moving to a Life Plan Community like Cypress Village, you not only avoid the potential challenges of increased demand but also start enjoying the many perks these communities offer.
Learn more about the financial benefits of senior living at Cypress Village. Or, are you ready to learn more and secure your future? Get in touch with us using the contacting us.
