What Unique Challenges Do Seniors Face?
As we age, we are faced with challenges that are unique to our demographic. Our health care and financial needs, and our family dynamics change as we get older. And, a Seniors Real Estate Specialist® (SRES) recognizes that our real estate needs change as well. Within the next couple of decades, seniors will make up most of the 50+ real estate market. An SRES understands that senior real estate challenges vary greatly from person to person and that the diversity of interests and personal experiences are unique to each person, and an SRES will tailor a real estate care plan to those individual needs.
"Stereotyping can be the most difficult obstacle to overcome as we age".
Challenges that face seniors can be financially or health related, familial and emotionally based, or simply dealing with stereotypes that hinder their plans or goals. Seniors plan retirement based on their current and future incomes which dictate the ability to move to a retirement community or move closer to family. Many seniors have lost a chunk of anticipated retirement funds due to the economic down turn that began in 2008; thus they’ve had to rethink their plans and even work longer than anticipated. They’re also at the stage in their life when they’ve begun estate planning.
Health care needs change throughout our entire lives as well. Seniors today find themselves much more active than our grandparents were at the same life stage, but know they could be faced with a sudden, unexpected health crisis that can change their golden years. Today’s seniors are opting for homes they can manage and maintain much easier than a larger or two-story home. They’ve found security and leisure in condominium communities where much of the exterior maintenance is done by an association.
Seniors of advanced age or illness can face family dynamic and emotional issues as well. Where mom was once the babysitter, problem solver, or the glue that held the family together, other family members find that they now have to step in her place. Seniors may also have to deal with declining cognitive issues which places added stress on themselves and family, all of which are very emotional challenges that face seniors and their caregivers. Many times there are family struggles for control of an aged parent’s finances or living arrangements that need to be addressed.
Stereotyping can be the most difficult obstacle to overcome as we age. Gross and demeaning generalities about seniors affect societal attitudes, health care, politics, planning, lifestyle and employment. Ageism is a real social problem that is found in cultural and institutional practices that add to our fears of getting older and puts us at risk for elder abuse or scams.
According to the US Census Bureau, the world's senior population is expected to triple to more than 1.53 billion in the year 2050.
Regardless of those challenges, an SRES possesses an understanding of senior needs and is ready and able to assist where needed. ■
1557 Forest Springs Drive, Ballwin, MO 63021
a real estate transaction, you should consult your attorney.