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By Catherine Collinson / Jun 22, 2016

Aging in Place

Aging-in-Place_TAblog Baby Boomers have redefined a number of lifestyle choices over the years. And they are doing it again by rejecting the traditional notion of retirement for a more flexible, phased transition.

So, it should come as no surprise that Baby Boomers are once again defining retirement under their own terms with a desire to age in place. Among workers age 50-plus, 57% would prefer to stay in their current home when they retire, 26% would move to a new home, and 17% are unsure, according to a recent study performed by the Transamerica Center for Retirement Studies. The majority would also prefer to live in a single family home and few would pick a retirement community.

From a societal viewpoint, architecture and urban planning can be more inclusive for an aging society. By aging in place, people are able to maintain a diverse social community and be around younger people, their families – and be where the action is.

Recent innovations are making aging in place a realistic option for many. To future-proof your house for aging in place in retirement, the changes need not be huge. Consider adapting your house over the coming years:

  • Create a space for a home office. Our research found that 54% of workers age 50-plus plan to continue working in retirement, at least on a part-time basis.
  • Innovations such as motorized blinds, touchless faucets, automatic trash cans and even robotic vacuums and lawn mowers can all help people enjoy and manage their homes as they age.
  • Install a medical alert system. New product innovations have made having this device fashionable. Iris Apfel, the 94 year old fashion icon, has created a new line of senior wearables that includes a beautiful line of jewelry with all of the fitbit-like features including an emergency distress signal.

Technological innovations will continue to make aging in place even more attractive moving forward. Baby Boomers are once again leading the way.

Listen to the full audio podcast.

 

Catherine Collinson serves as president of Transamerica Institute® and Transamerica Center for Retirement Studies®, and is a retirement and market trends expert and champion for Americans who are at risk of not achieving a financially secure retirement. Catherine oversees all research, publications and outreach initiatives, including the Annual Transamerica Retirement Survey. She also serves as the executive director of Aegon Center for Longevity and Retirement.

Transamerica Institute® is a nonprofit, private foundation dedicated to identifying, researching and educating the public about retirement, health coverage, and other relevant financial issues facing Americans today. Transamerica Institute comprises two divisions: Transamerica Center for Retirement Studies® and Transamerica Center for Health Studies®. Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. For more information about the Institute, please refer to www.transamericainstitute.org

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