As your clients grapple with the many challenges of the aging services industry, it might be helpful to remind them of this fact: A steadily growing stream of potential residents will not be one of the problems.
In fact, a recent U.S. Census Bureau report notes that by 2030, one in five Americans will be age 65 or older. For the first time in U.S. history, there will be more seniors than youngsters, with projections for 78 million people age 65 and older and 76.4 million people under 18 by 2035.
“The 2030s are projected to be a transformative decade for the U.S. population. The population is expected to grow at a slower pace, age considerably and become more racially and ethnically diverse,” according to the report.
What might those trends mean for your clients? Are they attending to that last point — growing diversity — in particular?
The industry likely will change much by 2030 in response to changing demographics, competition and regulation. Our commitment to providing creative risk transfer protection for accounts experiencing duress will not change, however. Please don’t hesitate to let us know how we can help.
In the meantime, here’s a quote to consider another positive aspect of the aging Baby Boom: “Getting old is like climbing a mountain; you get a little out of breath, but the view is much better!” — Ingrid Bergman.