The facts are clear: More Baby Boomers are working past what has been traditionally thought of as retirement age. In fact, a recent Pew Research Center study found that Baby Boomers are staying in the labor force at the highest annual rate for people their age in more than half a century.
Why Residents Still Work
We’re also hearing from communities that more residents are still working. That could mean full-time, part-time, freelance, consulting or owning a business. Financial reasons for continuing to stay in the workforce include not wanting to draw on social security and needing to help grown children financially. Some other reasons I’ve heard are nonfinancial. Residents are saying that working does some important things for them, like:
- Keeps me connected socially to a group of people I have come to appreciate being with
- Allows me an opportunity to keep my mind focused on something other than “retirement” and “getting old”
- Stimulates my mind, helps me remain relevant and gives me a sense of purpose
- Has always been such a significant part of my life — I can’t give it up yet
How Senior Communities Can Attract Them
So, how can senior living communities appeal to residents who are still working? Here are a few ideas:
- Evening fitness classes — Whether residents are working from home or going to an office, they may be busy during the day. Traditional classes at 10 or 11 in the morning just won’t work for them. The same goes for gym hours. This innovative wellness program features a 24-hour gym and flexible class times.
- Smart home office design — When a couple I know moved into a retirement community, their apartment came with a small third bedroom. They redid it into an office, adding built-ins to make room for desks and storage, and made much smarter use of the space. Well-designed, highly functional office space that doesn’t need any remodeling to be effective could be a major draw.
- High–speed internet — Wireless internet is the #1 desired amenity in senior living. It is even more important if a resident is working from home.
- Co-working spaces — Residents who work at home would appreciate a dedicated co-working space where they could interact with other working residents. Click here to see one example of an amazing co-working space for seniors.
- Work-related seminars and groups — Workshops and lectures on topics such as how to start a business or develop an online presence would be attractive to working residents and would help them build a network with their peers.
According to the U.S. Bureau of Labor Statistics, the labor force participation rate for the older segment of the population will continue to climb. Why not prepare your community by designing features that appeal to this rapidly growing demographic?