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2011_0919_packet
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2/15/2012 1:34:41 PM
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12/20/2011 3:20:07 PM
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Older baby boomers. There are 78 million baby boomers, the oldest of whom will turn <br />65in2011 From then on, the population of seniors is projected to grow ata faster rate <br />than the total population of the United States. <br />The boomers are really two cohorts—the older group, age 55to64; and the younger <br />group, age 46 to 54, now in or entering what should be their prime earning years. <br />Between these two, the younger group is larger, accounting for two-thirds of the cohort; <br />only the older one-third is approaching reirement this decade. <br />The boomers have redefined every age they have entered, and the older ones will do so <br />again. They do not yet see themselves as aging; '60 is the new 50' is their view. Some <br />have begun to retire, but most will push back full retirement for years both because they <br />are working at jobs they enjoy and because they need to rebuild their retirement funds. <br />This older baby boomer cohort is healthier and more energetic than its parents. The <br />move into retirement and Life care communities will be deferred fora decade or more <br />unless these housing forms adapt to the desires of this new group of young seniors. As <br />a result, the market for housing for seniors will grow more slowly than expected. <br />This older cohort is entering an urban phase: a2OO9survey by real estate advisory firm <br />RCLCO found that 75 percent of retiring boomers said that they want to Live in mixed- <br />age and mixed-use communities—that is, in urban settings. Not all will want to move <br />to the central city, so walkable, urbanized suburban town centers will see an influx of <br />aging boomers. <br />This trend can be seen in the early success of urbanizing town centers such as <br />Bethesda, Maryland; Reston Town Center in Reston, Virginia; and White Plains, New <br />York Many ofthese projects are now stalled due to the collapse of the condominium <br />and resale market, but many of those boomers who can sell their homes will move to <br />these centers, helping them thrive during the decade ahead. <br />
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