10,000 Baby Boomers Retiring Every Day
May 20, 2015 |
Written By: Karrin Taylor
Chair of Federal Affairs
DMB Associates, Executive Vice President
There’s a large wave of Boomers reaching retirement age every day in America. Most Boomers continue to work, at least part-time, and many report wanting a robust life of purpose in retirement. What does this mean for housing and development in Arizona? There’s a renaissance and reimagining of active adult communities to meet the Boomers evolving needs and lifestyles.
Thanks to progress in healthcare, 65 isn’t the end for most Boomers, instead it’s a new beginning. This time may be the longest phase of life without being in school, managing a full-time career or raising kids. Imagine a 20-30 year future where one can plan how to fulfill lifelong dreams, continue to have an impact and develop meaningful relationships.
Unlike the Greatest Generation, these Boomers are moving into aging with healthier lifestyles that include food, wellness, and connections with people. Tailoring new communities for these retirees requires new thinking.
A DMB team took on the study of Boomers and their lifestyle. This research led us to rewrite the book that had guided the “senior” market for 50 years. Our research suggests that isolated communities will not meet the aspirations of this changing demographic.
Recently, DMB debuted two active adult communities integrated within our primary home communities. Integrating an active adult component into broader communities breaks the historic mold of isolating this demographic. New active adult residents have full access to parks, pools, trails and programming of the broader community AND they have their own exclusive amenities. Building a multi-generational community, while still promoting exclusivity, can be a tricky balancing act, but the broader community and the active adults will benefit from this synergy.
Other areas of focus for these new communities can include fitness, social events, and universal home design elements to make life easier to enjoy. Options such as multi-generational floorplans, guest suites and other features will cater to the Boomers. Food is a also a focal point – integrating features such as a chef’s garden and a vineyard will enhance the programming and educational elements of these communities and the interest of adults living there.
Looking ahead, millions of Boomers will be looking to shift into a new kind of active adult community. As development companies work to reshape these communities for more sophisticated retirees, we are learning a lot about demographics and psychographics of a new generation of active-adult buyers.