Elder Planning & The New Retirement

Reconnecting Family Connections

Analysts weigh in on older adults moving close to their grown children

CLEVELAND, May 9, 2018 /PRNewswire/ — As families become more mobile, often spread across the country, isolation and loneliness among older adults has become a key concern. A New York Times article (“The New Retirement: Near the Kids”) highlighted a solution selected by a growing number of families: move closer to the kids.

In the article, Lisa Marsh Ryerson, president of the AARP Foundation, pointed out that family connections become more frequent and more personal when parents move closer to their adult children.

Burdens of Aging

According to Freedonia Group analyst Jennifer Mapes-Christ, “The majority of consumers worry about who will take care of them and how much of a burden they will be on their families as they age. That means that Americans are more open than ever to hiring professional caregivers or moving to a live-in elder care facility when such services are available and they can afford it. However, even if they aren’t providing the care themselves, adult children are more comfortable having Mom and Dad nearby, so they can be assured that their parents are well and receiving quality care.”

Additional analysis of demand for elder care services, including payment sources, key classes of providers, and geographic opportunities, is included in Elder Care Services in the US. View here.

The majority of consumers worry about who will take care of them and how much of a burden they will be on their families as they age

Holly Bowers Ruben, one of the adult children profiled whose mother moved closer to her, said “Peace of mind – that has been a huge gift.”

Mapes-Christ points out, “Many people choose to move to warm weather places – including resort-type parts of Florida and Arizona – shortly after retirement for more carefree living. However, as they begin to have trouble living independently, a growing share of those people are choosing to return to their home areas or to where their adult children have settled. This tends to encourage growth in places that are less typically thought of as retirement destinations.”

Furthermore, Mapes-Christ adds, “Economically vibrant urban areas are seeing these gains. Increasingly, elder care service providers are constructing senior living communities and expanding home healthcare businesses in areas where younger generations have moved for their own job opportunities.”

 

 

 

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.