Recent estimates predict that the population of adults 85 and older in the U.S. will almost triple over the next 40 years. Simultaneously, the working-age population is expected to decline. This means the people requiring support–the elderly–will outnumber the ones able to provide such support, financially and otherwise. AARP calls this the “caregiver cliff.”
Meanwhile, costs to provide health care are expected to grow by over 200% for those between the ages of 70 and 90. We already see that governments, payers, and manufacturers, aren’t really producing reductions in healthcare costs. So, seniors need care solutions in order to be prepared for this impending rise in costs.
The new developments in robot and AI technology is expected to employ virtual home assistants and portable diagnostic devices that will be able to help provide better elder care, help control medical costs—and allow more seniors to stay in their homes longer.
The question is how receptive seniors will be to this technological intrusion into their lives. Those in their 50s now will probably be more open to relying on technolgoy, while those 20 years older may feel very uncomfortable accepting these changes. Consequently, there will be a growing interest and market for already available and maturing technologies to support physical, emotional, social and mental health.
Stay tuned with this space as my new book comes out soon that addresses these realities: The 4Ts of Retirement Income Planning (the name is subject to publisher approval). I’m staying on the cutting edge of planning–make sure you’re there with me!