Is your business ready to help the aging population in 3 years or less?
Is your business ready to help the aging population? By 2020, 56 million Americans will be over the age of 65. That’s 1 out of every 6 people. By 2050, 82 million Americans will be over the age of 65. That will be 1 out of 4 people.
In my business I am seeing more and more families relocating to Las Vegas each year. Many are retiring and moving away from cold weather states. Before hearing about the above statistics I had no idea we Americans are aging at a rapid ratio of old versus young. Aging is a natural process. However planning for the future and the future of our parents are critical in today’s society.
Daily needs of the elderly are mobility, transportation, medication, personal care and nutrition. These daily needs are much easier to handle if the family has sufficient funds to care for the elderly. Most families have a budget to live by. For the retired population, families are living on fixed income. As our parents age they want to be comfortable and live the rest of their lives in their homes. How much better will it be if their home is already paid off removing the largest expense item which is housing?
There are many options when it comes to financing homes for age 65 and older. We have heard of the term reverse mortgage. Even though it is not the most popular among many aging homeowners it is one of the options available if the individual is in need of funds and some type of savings plan. The best approach is to plan ahead 20 or 30 years in advance to make sure the house is paid off before we retire.
My business serves every individual with the focus on long term planning and building long term relationships with every family.