Latest news with #SilverTsunami
Yahoo
29-05-2025
- Business
- Yahoo
Aging in Place: How seniors are living safely in their homes for longer
More than a quarter of U.S. households are headed by someone 65 or older, a number that keeps growing; 77% of Americans over 50 want to remain in their homes as they age, according to AARP. What demographers call the Silver Tsunami presents a growing need for modifications that let people live safely in the comfort of their houses for longer. Across New Jersey, a number of companies have come up with ways to help them do just that. "I think it's absolutely critical to have seniors stay comfortable in their home as long as possible, because the data shows that there are better health outcomes," said Liz Rabban, co-owner of TruBlue Home Service Ally, based in Morristown and Montclair, New Jersey. "And so for all of the reasons you would imagine why somebody wants to stay in their home, I think that building the support system for them to stay where they are is important," Rabban said. For these services, she said, it's not just about finding somebody who will perform the necessary renovations; homeowners need someone who will put in the effort to truly understand each person's needs. The sentiment was echoed by Linda Pollock, owner of North Jersey Maintenance Group, who said it's important to find a company with adequate training to handle these projects. "There are companies out there that say they do Aging in Place services but don't have the training to really understand what seniors and individuals with disabilities really need," she said. "My goal is not to get rich on any individual client. I don't charge very much for my services because I want people to be safe and it's a true passion of mine." In general, Pollock said, it's best to prepare your home for aging in place before you get into an accident or urgently need modifications. Saverio Nestico is the president of Philadelphia-based SPN Cos., which does home modifications including bathrooms, kitchens, ramps and lifts for stairs and wheelchairs. The business helps clients across New Jersey, Pennsylvania and Delaware. The first step typically involves an assessment by an occupational therapist, Nestico said. Often, it's prompted by a medical event that necessitates accommodations. The therapist will recommend ways to make a home safer and more accessible. "The occupational therapist will go to the home and identify what's needed for the individuals," Nestico said. "We then take those recommendations and go out there, assess the home, take photos, measurements, speak to the individuals, understand what they're needing to accomplish.' Both Rabban and Pollock said that before doing anything, they always complete home assessments to get a true feeling for what residents may be struggling with. They watch individuals go up stairs, see how they navigate bathrooms and observe how they get to things that are otherwise out of their reach. From there, they'll move on to making the necessary modifications. Debbie and Charles Gibbs have begun the process. They moved to Lawrence Township to be closer to their daughter and son-in-law about a year ago. They appreciated the area's proximity to high-quality medical care and the international character of nearby Princeton. But living comfortably in their Colonial, which has two floors and a basement, required some extra work. The couple recently had an elevator installed. Debbie, 71, said it was a proactive move. "I have rheumatoid arthritis, and stairs are hard. We knew eventually I'd need it," she said. "I've never lived dependent on others, so the elevator gives me independence." Now the former educator and current mixed media artist won't have to rely on her husband "to carry laundry or heavy things." That includes the tree branches, sticks, canvases and other assorted materials that she uses in her creations that line the walls of the house. Finding the right company to install the elevator was crucial, Debbie said. "I didn't want to hire a contractor to do one part and then find someone else to do another," she said. After researching online, Gibbs found Mobility 123, a Garden State company that advertises comprehensive solutions and "turnkey" operations, handling everything from permits to construction. Leon Fischer founded Lakewood-based Accessible Homes after noticing that many people who left hospitals and care facilities needed modifications to return home safely. His mission is to make homes more accessible and 'senior-friendly,' he said. Falls are a leading cause of injury for seniors, says the National Institute on Aging. That's why Fischer advises people to secure rugs with nonslip pads and to ensure that paths are clear of clutter as first steps in making homes accessible. Adding handrails and grab bars in critical areas such as bathrooms, along staircases and in hallways would be next in reducing fall risks, Fischer said. Lighting is another quick and easy enhancement that is often overlooked, he added: Motion-sensor lights for hallways, staircases and entrances can go a long way toward mitigating accidents in the home. A final note from the experts when it comes to falls: Wearable smart devices can monitor heart rates and sleep patterns and detect falls. They can also alert emergency services if necessary, advises AARP. Devices like Google Home or Amazon Echo allow seniors to control lights with voice commands, They can also lock doors and operate televisions. Both Pollock and Rabban said their services are broken into two categories: maintenance and modifications. "When it comes to maintenance, you don't think of that as senior safety," Rabban said. "But when you think of seniors having to get up on a ladder to change their smoke detector batteries and things like that, it is." Each of their companies offers programs in which they will come to their clients' homes four times a year, or as needed, and perform routine maintenance. That involves things like changing old filters and batteries in smoke detectors, among other tasks. Common remedies include grab bars and railings, improved lighting and nonslip flooring, as well as switching out bathtubs for walk-in showers and widening doorways to make them more accessible. But there are a variety of other modifications that can be made for those looking to age in place, depending on needs. "When I say 'senior,' there's a very big spectrum. There's a really big difference between somebody who's 65 and somebody who's 85. so the needs for people are different," Rabban said. In some instances, Pollock has also added lockboxes to properties so that if the homeowner does fall or have some other accident, and they don't have family nearby, first responders can easily gain access to the home. Similarly, she has installed baby cameras so live-in help or relatives can keep track of seniors as they move around their home for further peace of mind. "If they have the choice of being able to stay in their home or going to assisted living, there are pros and cons to both. But overall, I think seniors want to stay at home because they're comfortable where they are," Pollock said. "Seniors should be able to stay in their home if that's what they choose, so having services available that help make their spaces safe is important." Costs and timing vary significantly. Simpler installations like grab bars range from $100 to $200. In terms of timelines, the most basic jobs like adding aluminum ramps, widening a doorway for a wheelchair or installing bars and a nonslip floor in a shower can be done in a day. Nestico said transforming a bathroom to be fully accessible might involve "redoing the surroundings to accommodate a roll-in shower or a walk-in tub, which can cost upwards of $10,000 to $12,000." The job typically takes two to three weeks to complete depending on the extent of the modifications and the need for custom solutions. Home elevators are among the most complex modifications, often requiring extensive planning, structural changes and lengthy time frames. "Comprehensive projects like installing an elevator start around $35,000, including all necessary construction and permits, and can take several weeks to months, depending on the complexity and the specific requirements of the building codes,' said Ryan Penn, owner of Mobility 123. Mobility 123 grew out of Penn's father's durable medical equipment company, Diamond Scooters, which sold scooters and wheelchairs in the early 2000s. The business now focuses on more extensive modifications like elevators. The company operates from three locations, in Absecon, Tuckerton and Hillsborough, and serves New Jersey, parts of Connecticut, and Philadelphia. The cost of Debbie and Charles Gibbs' three-stop elevator exceeded $60,000 due to additional construction and enclosing the elevator shaft, said Charles, 74. He emphasized the need to plan ahead financially: "We thought it was smart to do this while I'm still earning some money, rather than waiting until later." Accessibility modifications often can be partly financed through tax incentives, Medicaid programs, private insurance and veterans' benefits, said Tom Beck of Mobility 123, who also highlighted specific state resources. "In New Jersey, Medicaid typically covers about $5,000 for something like a stair lift and recently increased coverage to about $15,000 for prescribed needs," he said. The Department of Veterans Affairs "also offers grants for veterans, even if disabilities are not service-related." The Internal Revenue Service allows deductions for modifications deemed medically necessary. Eligible projects include widening doorways and hallways, installing ramps, adding grab bars, lowering countertops and adding stair lifts. To qualify, modifications must address a medical condition. Only expenses exceeding 7.5% of adjusted gross income are deductible, says Lifeway Mobility, a home accessibility company. Medicaid coverage varies by state. In New Jersey, some home modifications can be covered under the Managed Long Term Services and Supports program, says the state's Department of Human Services. Private health insurance coverage for such work differs significantly among policies. But some may cover prescribed modifications, so Penn suggests exploring both insurance and state aid programs. Traditional Medicare typically doesn't cover home modifications, its website says. However, some seniors with prescriptions may get limited coverage for enhancements like wheelchair ramps or walk-in tubs, says The Senior List, an online resource for older adults. Veterans with disabilities may also be eligible for grants through several programs, including the Specially Adapted Housing Grant for extensive home renovations and the Home Improvements and Structural Alterations Grant, which covers medically necessary projects like ramps and bigger doorways, says Rosarium Health, an accessibility company. Debbie Gibbs encouraged homeowners to start the process early. "From looking into an elevator to having it installed took about six months, mostly due to permitting and ordering," she said. "Planning ahead made it manageable." This article originally appeared on Home renovation tips for seniors looking to stay in family homes
Yahoo
29-05-2025
- Business
- Yahoo
Aging in Place: How seniors are living safely in their homes for longer
More than a quarter of U.S. households are headed by someone 65 or older, a number that keeps growing; 77% of Americans over 50 want to remain in their homes as they age, according to AARP. What demographers call the Silver Tsunami presents a growing need for modifications that let people live safely in the comfort of their houses for longer. Across New Jersey, a number of companies have come up with ways to help them do just that. "I think it's absolutely critical to have seniors stay comfortable in their home as long as possible, because the data shows that there are better health outcomes," said Liz Rabban, co-owner of TruBlue Home Service Ally, based in Morristown and Montclair, New Jersey. "And so for all of the reasons you would imagine why somebody wants to stay in their home, I think that building the support system for them to stay where they are is important," Rabban said. For these services, she said, it's not just about finding somebody who will perform the necessary renovations; homeowners need someone who will put in the effort to truly understand each person's needs. The sentiment was echoed by Linda Pollock, owner of North Jersey Maintenance Group, who said it's important to find a company with adequate training to handle these projects. "There are companies out there that say they do Aging in Place services but don't have the training to really understand what seniors and individuals with disabilities really need," she said. "My goal is not to get rich on any individual client. I don't charge very much for my services because I want people to be safe and it's a true passion of mine." In general, Pollock said, it's best to prepare your home for aging in place before you get into an accident or urgently need modifications. Saverio Nestico is the president of Philadelphia-based SPN Cos., which does home modifications including bathrooms, kitchens, ramps and lifts for stairs and wheelchairs. The business helps clients across New Jersey, Pennsylvania and Delaware. The first step typically involves an assessment by an occupational therapist, Nestico said. Often, it's prompted by a medical event that necessitates accommodations. The therapist will recommend ways to make a home safer and more accessible. "The occupational therapist will go to the home and identify what's needed for the individuals," Nestico said. "We then take those recommendations and go out there, assess the home, take photos, measurements, speak to the individuals, understand what they're needing to accomplish.' Both Rabban and Pollock said that before doing anything, they always complete home assessments to get a true feeling for what residents may be struggling with. They watch individuals go up stairs, see how they navigate bathrooms and observe how they get to things that are otherwise out of their reach. From there, they'll move on to making the necessary modifications. Debbie and Charles Gibbs have begun the process. They moved to Lawrence Township to be closer to their daughter and son-in-law about a year ago. They appreciated the area's proximity to high-quality medical care and the international character of nearby Princeton. But living comfortably in their Colonial, which has two floors and a basement, required some extra work. The couple recently had an elevator installed. Debbie, 71, said it was a proactive move. "I have rheumatoid arthritis, and stairs are hard. We knew eventually I'd need it," she said. "I've never lived dependent on others, so the elevator gives me independence." Now the former educator and current mixed media artist won't have to rely on her husband "to carry laundry or heavy things." That includes the tree branches, sticks, canvases and other assorted materials that she uses in her creations that line the walls of the house. Finding the right company to install the elevator was crucial, Debbie said. "I didn't want to hire a contractor to do one part and then find someone else to do another," she said. After researching online, Gibbs found Mobility 123, a Garden State company that advertises comprehensive solutions and "turnkey" operations, handling everything from permits to construction. Leon Fischer founded Lakewood-based Accessible Homes after noticing that many people who left hospitals and care facilities needed modifications to return home safely. His mission is to make homes more accessible and 'senior-friendly,' he said. Falls are a leading cause of injury for seniors, says the National Institute on Aging. That's why Fischer advises people to secure rugs with nonslip pads and to ensure that paths are clear of clutter as first steps in making homes accessible. Adding handrails and grab bars in critical areas such as bathrooms, along staircases and in hallways would be next in reducing fall risks, Fischer said. Lighting is another quick and easy enhancement that is often overlooked, he added: Motion-sensor lights for hallways, staircases and entrances can go a long way toward mitigating accidents in the home. A final note from the experts when it comes to falls: Wearable smart devices can monitor heart rates and sleep patterns and detect falls. They can also alert emergency services if necessary, advises AARP. Devices like Google Home or Amazon Echo allow seniors to control lights with voice commands, They can also lock doors and operate televisions. Both Pollock and Rabban said their services are broken into two categories: maintenance and modifications. "When it comes to maintenance, you don't think of that as senior safety," Rabban said. "But when you think of seniors having to get up on a ladder to change their smoke detector batteries and things like that, it is." Each of their companies offers programs in which they will come to their clients' homes four times a year, or as needed, and perform routine maintenance. That involves things like changing old filters and batteries in smoke detectors, among other tasks. Common remedies include grab bars and railings, improved lighting and nonslip flooring, as well as switching out bathtubs for walk-in showers and widening doorways to make them more accessible. But there are a variety of other modifications that can be made for those looking to age in place, depending on needs. "When I say 'senior,' there's a very big spectrum. There's a really big difference between somebody who's 65 and somebody who's 85. so the needs for people are different," Rabban said. In some instances, Pollock has also added lockboxes to properties so that if the homeowner does fall or have some other accident, and they don't have family nearby, first responders can easily gain access to the home. Similarly, she has installed baby cameras so live-in help or relatives can keep track of seniors as they move around their home for further peace of mind. "If they have the choice of being able to stay in their home or going to assisted living, there are pros and cons to both. But overall, I think seniors want to stay at home because they're comfortable where they are," Pollock said. "Seniors should be able to stay in their home if that's what they choose, so having services available that help make their spaces safe is important." Costs and timing vary significantly. Simpler installations like grab bars range from $100 to $200. In terms of timelines, the most basic jobs like adding aluminum ramps, widening a doorway for a wheelchair or installing bars and a nonslip floor in a shower can be done in a day. Nestico said transforming a bathroom to be fully accessible might involve "redoing the surroundings to accommodate a roll-in shower or a walk-in tub, which can cost upwards of $10,000 to $12,000." The job typically takes two to three weeks to complete depending on the extent of the modifications and the need for custom solutions. Home elevators are among the most complex modifications, often requiring extensive planning, structural changes and lengthy time frames. "Comprehensive projects like installing an elevator start around $35,000, including all necessary construction and permits, and can take several weeks to months, depending on the complexity and the specific requirements of the building codes,' said Ryan Penn, owner of Mobility 123. Mobility 123 grew out of Penn's father's durable medical equipment company, Diamond Scooters, which sold scooters and wheelchairs in the early 2000s. The business now focuses on more extensive modifications like elevators. The company operates from three locations, in Absecon, Tuckerton and Hillsborough, and serves New Jersey, parts of Connecticut, and Philadelphia. The cost of Debbie and Charles Gibbs' three-stop elevator exceeded $60,000 due to additional construction and enclosing the elevator shaft, said Charles, 74. He emphasized the need to plan ahead financially: "We thought it was smart to do this while I'm still earning some money, rather than waiting until later." Accessibility modifications often can be partly financed through tax incentives, Medicaid programs, private insurance and veterans' benefits, said Tom Beck of Mobility 123, who also highlighted specific state resources. "In New Jersey, Medicaid typically covers about $5,000 for something like a stair lift and recently increased coverage to about $15,000 for prescribed needs," he said. The Department of Veterans Affairs "also offers grants for veterans, even if disabilities are not service-related." The Internal Revenue Service allows deductions for modifications deemed medically necessary. Eligible projects include widening doorways and hallways, installing ramps, adding grab bars, lowering countertops and adding stair lifts. To qualify, modifications must address a medical condition. Only expenses exceeding 7.5% of adjusted gross income are deductible, says Lifeway Mobility, a home accessibility company. Medicaid coverage varies by state. In New Jersey, some home modifications can be covered under the Managed Long Term Services and Supports program, says the state's Department of Human Services. Private health insurance coverage for such work differs significantly among policies. But some may cover prescribed modifications, so Penn suggests exploring both insurance and state aid programs. Traditional Medicare typically doesn't cover home modifications, its website says. However, some seniors with prescriptions may get limited coverage for enhancements like wheelchair ramps or walk-in tubs, says The Senior List, an online resource for older adults. Veterans with disabilities may also be eligible for grants through several programs, including the Specially Adapted Housing Grant for extensive home renovations and the Home Improvements and Structural Alterations Grant, which covers medically necessary projects like ramps and bigger doorways, says Rosarium Health, an accessibility company. Debbie Gibbs encouraged homeowners to start the process early. "From looking into an elevator to having it installed took about six months, mostly due to permitting and ordering," she said. "Planning ahead made it manageable." This article originally appeared on Home renovation tips for seniors looking to stay in family homes
Entrepreneur
27-05-2025
- Business
- Entrepreneur
How to Prepare Your Key Employees to Take Over Your Business
When there are more small business sellers than traditional buyers, your key employees may serve as a better alternative. Opinions expressed by Entrepreneur contributors are their own. It is well known that only 20% of small businesses that go to market sell, and the Silver Tsunami, that giant wave of baby boomer business owners who want to retire, makes the problem worse. Most of these businesses won't sell, and they will be shut down. Who is hurt if the company shuts down? The business owner can't access most of their net worth. The employees are out of a job. The community loses a major asset. Does the business need to be shut down? Consider this: The company has customers, revenues, trained staff, systems, channels of distribution and an infrastructure and ecosystem that it took years to develop. It's a shame to throw all that away! The traditional outside buyers are strategic buyers, financial buyers and lifestyle buyers. If there aren't enough buyers on the outside, what about looking on the inside? Related: Why an Increasing Number of Retiring Entrepreneurs Are Selling the Business to Their Employees Advantages of employee ownership Business owner: In addition to gaining access to most of their net worth, business owners gain control of the sales process. They do not have to meet and greet several potential buyers. When dealing with outside buyers, they read and analyze letters of intent from those who are interested, choose one and then struggle with an intense due diligence process led by the potential buyer's financial advisors. The whole sales process is much simpler when selling to key employees. Key employees: Key employees experience a major upgrade in their careers. Other employees: Other employees retain their jobs, and their "second family" remains intact. Community: The money that flows through the company remains in the community. That money helps support education, fire and police departments, road maintenance, etc. Also, suppliers, service workers and trusted advisors retain a client. Additional benefits: The chemistry between buyer and seller is established. Many times, a deal goes south between the seller and a stranger due to a lack of chemistry. The culture of the company remains the same. If a stranger buys the company, the culture will change in some fashion. If these cultural changes are too intense, many key employees may leave. Related: How to Transition to Employee Ownership Training your key employees Key employees know the company inside and out. They know the customers, the product and the systems, and the other employees like and respect them. However, there are functions that a good CEO performs, and the key employees are usually not involved, so they would need training. What are these functions? Strategic planning: This includes training in innovative growth strategies, planning in response to the competition and navigating changes in the market and the industry. Cash flow: It is imperative that the owner understands and implements cash flow management and forecasting. HR management: The owner should have a sense for evaluating the talent that is needed to perform specific tasks in the business. They also need to know when an employee is adversely affecting the company and what to do about it. Mindset training: The key employees will need to adjust their mindset from that of an employee to that of an owner. When they talk with the company's trusted advisors, they will need to have their owner hats on. Types of employee ownership Employee Stock Ownership Plan (ESOP): This is far and away the most popular form of employee ownership. Employee Ownership Trusts (EOTs): EOTs are intended to support employee ownership of companies and are becoming more common. Worker Cooperative: A business owned and controlled by its workers. All three of these types of employee ownership can work well with larger companies. They are complicated and very costly. They cost tens of thousands of dollars to set up and thousands to administer on a monthly basis. There are companies that specialize in setting up and administering the different types of employee ownership. Most require an EBITDA of $1 million or more before they even consider a company as a client. But what about the smaller companies that would like to consider employees in their succession plan? Selling the company to the key employees would not be a government-sponsored program. The deal would only include the business owner and the key employee(s). The owner would choose the key employees and their positions within the company going forward. Related: Selling Your Business to Your Employees Selecting key employees and moving forward The business owner should be very selective and careful in choosing their employees to own the company. They should have a good credit rating and be properly motivated to learn what is needed to be a business owner. You, as the business owner, should approach each key employee selected as a potential owner and, in passing, mention the possibility. After you have talked to each key employee individually, analyze their reactions in preparation to meet with them collectively. If they are interested, then you follow up with the process. The first thing you need to know is what your business is worth right now. You need to have a market valuation done. This will tell you how your company compares to similar companies in the same industry. Then, develop a plan to make the company effective, efficient and ready for scaling. Choose one key employee to be president while you remain the CEO, and train the president in all the functions listed above. The other key employees will be assigned management positions. When the company has grown and the cash flow is sufficient to support increased debt, create a plan to sell the company to the key employees.
Forbes
12-05-2025
- Business
- Forbes
Facing The Silver Tsunami: Partnerships As A Path Forward
Peter Ross is the CEO and cofounder of Senior Helpers, a leading national non-medical in-home senior care franchise. The global aging crisis isn't merely an approaching challenge; it is already upon us, demanding immediate, innovative action. With the first set of Baby Boomers beginning to turn 80 years old in 2026, we are facing a "Silver Tsunami": a massive wave of seniors whose care needs far outpace current resources. Despite this pressing reality, our existing senior living facilities can only accommodate 25% of the anticipated demand. Clearly, we're not ready. From my vantage point, our nation faces a significant gap: approximately 90% of seniors wish to age in place, yet most lack the necessary resources to do so comfortably. To better understand the crisis, it is useful to view it through three distinct lenses: • The Haves: Seniors who can independently finance their care. • The Have Nots: Seniors reliant on governmental support, often hindered by strained Medicaid budgets. • Everyone Else (Or The Middle Class): Seniors earning too much for government assistance but insufficient funds for comprehensive care. I believe the senior care crisis demands collaboration beyond traditional boundaries. Public-private partnerships (PPPs) offer scalability, innovation and shared responsibility, directly addressing issues that impact businesses across multiple sectors. Successful PPPs, such as initiatives from the Veterans Administration, have demonstrated improved senior care outcomes and reduced healthcare costs by minimizing hospitalizations, ER visits and in-home accidents. This crisis directly impacts businesses by straining employee productivity, increasing absenteeism and inflating healthcare premiums. Employees juggling caregiving responsibilities often face stress and burnout, affecting workplace efficiency and retention rates. Additionally, an overwhelmed healthcare system translates into higher insurance costs and reduced consumer spending power, threatening economic stability. Businesses that engage proactively in PPPs not only mitigate these risks but also open opportunities for innovation, growth and brand leadership. By investing in or collaborating on solutions, companies can enhance employee loyalty, stabilize productivity and contribute meaningfully to their communities. Establishing effective PPPs isn't without challenges. There are regulatory complexities, potential issues aligning disparate organizational goals and managing risk-sharing arrangements. I think the solution lies in aligning public goals with private sector incentives through models like value-based care rather than traditional fee-for-service approaches. Demonstrable outcomes, including reduced hospital re-admissions and emergency interventions, can validate and sustain these collaborations. Businesses should consider integrating technology and proactive planning as core strategies within PPP frameworks. These are often the key to closing gaps in monitoring and providing continuous care solutions. Too often, families react to a crisis rather than preparing in advance. There are many not-for-profit foundations that provide free tools and resources to guide families in planning their aging journey comprehensively. Encouraging proactive planning among your employees and their families can significantly ease future caregiving burdens, enhancing long-term employee well-being and productivity. A widespread embrace of PPPs can transform senior care, creating greater solutions and more choices for seniors. I believe business leaders have a unique opportunity and responsibility to lead the charge in shaping a society that cares effectively for its aging population. The time for collective action is now. And it truly is a collective effort. Policymakers, businesses and communities must act together, innovatively and decisively to ensure our seniors receive the care they deserve. The opportunity to build this future is ours. Let's not waste it. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Yahoo
27-01-2025
- Business
- Yahoo
A ‘silver tsunami' approaches, and the U.S. economy is not prepared
We've been having the wrong conversation about aging in America. Let me be clear. It's not that we've completely avoided the topic. During an election that pitted with two of the oldest presidential candidates in American history against each other, and especially after President Joe Biden's calamitous debate performance, we spent a lot of time jawing about the age and capabilities of our political leaders. But that focus on the candidates' elder status distracts us from a seismic issue that should really merit our attention: the historic surge in Americans who will be turning 65 over the next five years. Over the past decade, a steady cadence of 10,000 people a day were turning 65. In 2024, that daily number jumped to more than 11,200. By the end of 2025, close to 12,000 people a day will turn 65 for the next two years, according to the U.S. census, as the U.S. enters what demographers call the 'Peak 65 period,' when all those baby boomers march into their senior years. The U.S. population is older at this moment than it has ever been, according to the Population Reference Bureau, and the number of Americans age 65 or older will increase by a whopping 47% by 2050. At that point, the tally of 82 million older adults will represent 23% of the U.S. population, according to the PRB. We are looking at what is reportedly the largest leap in retirement eligibility that America has ever seen, and it is happening at a moment when the gaps in our retirement system are impossible to ignore. Because all those silver-haired boomers don't have the pensions or the savings that previous generations could count on, the massive cohort of aging Americans represents a tidal wave that will rock almost every aspect of our economy. AARP calls this demographic trend the 'Silver Tsunami.' Other financial forecasters have used a different metaphor, likening the trend to a massive iceberg that the ship of state can't maneuver around. One in five Americans over age 50 have no retirement savings according to AARP, and 61% are worried they won't have enough socked away to live on in their senior years. For 1 in every 3 Americans, credit card debt outpaces their emergency savings, and more than 1 in 4 people have no emergency savings at all. And those savings may have to stretch over more years because the average life expectancy is increasing. The Centers for Disease Control and Prevention's vital statistics surveillance report projects that a man turning 65 this year is expected to live to age 84 on average while an average 65-year-old woman is expected to live to 86. Because Americans are living longer, many of those boomers will remain in the workforce longer, but forecasters worry that those extra years on the job won't translate into extra retirement savings. I am going to keep an eye on this demographic trend and return to this issue in coming months because it will touch almost every aspect of our economy and American life in general. As I talk with local government officials about the so-called Silver Tsunami, it becomes clear that cities and counties are quietly bracing themselves for an epidemic of evictions, poverty and even homelessness among the elderly, many of whom are divorced, single or living far away from relatives or a reliable support system because families now tend to be more spread out geographically. Some states are taking a proactive approach. California, Massachusetts, Minnesota, Texas and Colorado all have multisector master plans on aging that help the state and its residents prepare for housing, health, caregiving and affordability. Nine other states are developing such master plans. House Speaker Mike Johnson, R-La., has pledged that cuts to Medicare and Social Security will not be included in the legislative package intended to fund Trump's agenda. With a slim majority, Johnson knows those cuts would be a nonstarter because no Democrat would be on board with slashing those programs. But even a status quo approach to elder retirement programs may not be enough to stave off disaster with such a large number of seniors with staggering needs. And in his first days in office, Trump has already signed executive orders that reverse Biden-era executive orders on health care, including the effort to limit the cost of prescription drugs for those on Medicaid or Medicare. For a president who is so focused on projecting strength and virility, will Trump lead the discussion this nation needs to have on the Silver Tsunami? Perhaps, but probably not. It is indeed a blessing for anyone fortunate to live well beyond six decades and also a blessing for the people in their orbits who benefit from their wisdom, their attention and their companionship. Yet when so many people are entering that chapter all at once, shouldn't we be paying more attention to how we can enhance the gift of long life with planning and preparation? Loved ones are often the first line of response when seniors need help with bathing, toileting, dressing or preparing meals, but as the needs grow, families may need to turn to outside help or long-term care, which a report from the Henry J. Kaiser Family Foundation found can cost $60,000 a year or more. That same report found that fewer than half of adults had ever had a serious conversation with their loved ones about who would take care of them if they became incapacitated. This is a good time for families to create their own master plans and assess how well prepared (or not) elders are for their later years. As noted above, states are bracing for this massive wave of elderly residents. Families might also want to seriously consider the impact on their finances, housing and ability to juggle caring for someone with great needs, while also keeping up with work and other responsibilities. During last year's presidential campaign, Vice President Kamala Harris laid out a proposal for expanding Medicare to cover the cost of home-based long-term care and adjusting the spend-down requirements for Medicaid that can pull some recipients and their loved ones close to poverty before they qualify for services. It is unlikely that the Trump team would take up Harris' specific proposal to reduce the price tag for long-term care. But because voters cited economic concerns as one of the reasons for voting for him, he would be wise to direct his administration to focus on easing the cost of aging in America. If you think the price of eggs is high, just look at the monthly cost for in-home health care or rent at a housing complex for seniors. Overall, addressing this issue bumps up against a grim irony in politics, especially in a year where there has been a critical and you might even say withering focus on elder leaders in both parties who are thought to have stayed in their positions decades beyond the typical retirement age. That 'how old is too old' political flashpoint means that some of the very officials who should be leading this discussion about the 'gray wave' may be disinclined to draw attention to their own advanced age. I hope that changes, because American needs strong leadership on this issue. If not, the decision to ignore it won't age well. This article was originally published on
