Will boomers spend more on assisted living or staying in their home?

I am a senior and I talk to many seniors since I live in an over 55 development and belong to many senior groups.  The recent article below suggests that seniors may spend more on, among other things, assisted living.

This does NOT correspond to what I hear from seniors.  Most of them want desperately to stay in their own home.  They are either counting on their children to take care of them or they’re planning to hire help to come to their home.

Thus, if I were going to invest in or research any of these sectors, it would be home health care.

Merrill Lynch recently published "The End of Old," a report on what it terms the "longevity economy." The study's insights reveal how a new generation of retiring Americans is likely to transform how we live, work and spend. 

With 78 million people on the cusp of retirement, insiders expect consumer markets to bend over backward to accommodate this massive generation of spenders. One expert said he anticipates baby boomers are likely to spend more to maintain their active lifestyles than any previous generation in history. Industries likely to benefit from the longevity boom include:

  • Long-term care - home health workers and assisted-living facilities
  • Real estate - "Smart homes" using technology 
  • Technology - Service robots  housework --even provide companionship
  • Beauty - Anti-aging treatments
  • Medical technology - telemedicine apps that let physicians & families monitor health data of older people in their homes

Companionship online? Stitch & Tapestry

This article is from  Sunrise Senior Living .  I can relate to it since  my friends are either moving to be near their children, or they’re dying.  Either way I need to find new friends… not romances but companions with similar interests.  I have been doing some testing with Stitch and can’t wait till it’s available!

From the Sunrise article:

Seniors will soon have new ways to connect with loved ones and make new friends online, thanks to two websites. One service, Tapestry, allows older adults who have trouble with technology to stay in touch with family members who use multiple social networks. The other, soon to launch, is called Stitch and is described as a way for seniors to find companionship.

Keeping in touch
Tapestry works by connecting all of a user's social networks and email accounts to their Tapestry profile, according to its website. Everything they receive online can then be found in one place. That way, seniors don't have to remember multiple passwords and switch between different websites to keep up with their loved ones.

According to The Atlantic, Andrew Dowling, Tapestry's founder, realized when visiting senior communitiesthat his service was not providing everything older adults needed.

"In one community in northern California, we were asked 'Do you know who's single here?' about half a dozen times," Dowling told the news source. "This got us thinking that technology to help people connect to their existing families is really only part of the battle. Just as important is helping them find companionship as they age."

Building new bonds
To make finding companions easier, Dowling created a new service called Stitch. The website has been described in the media as a dating site for seniors. Though Dowling said that the description is inaccurate, he also enjoys the attention it has garnered. Stitch is actually meant as a simple way to connect people with common interests who may not have wide social groups.