The Institute for Community Involvement, LLC. Copyright © 2016 The future ain’t what it used to be! Anticipating change in the business of aging… …now through 2040

The Institute for Community Involvement, LLC. Copyright © 2016 Getting Personal with Aging 2005 was an interesting year Al and Eleanor Dad and Mom Mom’s Twin Sister What did I learn? The business of retirement isn’t for the faint of heart The business of life care communities is changing.

The Institute for Community Involvement, LLC. Copyright © 2016 I’m not an expert in CCRC’s My skills are as a… ▲Consumer ▲Researcher ▲Strategic planner The Disclaimer

The Institute for Community Involvement, LLC. Copyright © 2016 Themes ▲Changing residents ▲Changing families ▲Changing workforce What might this change mean??? What do you think?

The Institute for Community Involvement, LLC. Copyright © 2016 Assumptions (for this discussion, only) Demand will grow…but the profile will change Entry to CCRC’s will be earlier Major impact from Boomers starting in 2021 Boomers will be very different…likewise for Gen X-Y. We’ll see about Millennials Lower income seniors want access Market-driven economy will continue, but…demand will drive new CCRC models

The Institute for Community Involvement, LLC. Copyright © Why plan??? Because things are changing!

The Institute for Community Involvement, LLC. Copyright © No margin… no mission!!!

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10 The Longevity Bonus

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The Institute for Community Involvement, LLC. Copyright © 2016 PESTI Changes Political Economic Socio-Demographic Technology Industry

The Institute for Community Involvement, LLC. Copyright © 2016 PESTI Changes

The Institute for Community Involvement, LLC. Copyright © 2016 Defining the Generations

The Institute for Community Involvement, LLC. Copyright © 2016 Defining the Generations

The Institute for Community Involvement, LLC. Copyright © 2016 Defining the Generations

The Institute for Community Involvement, LLC. Copyright © 2016 Defining the Generations

The Institute for Community Involvement, LLC. Copyright © 2016 The Delphi Process Interview experts and listen to what they say. Read books and articles…look for common themes...get the freshist material you can. Summarize what you heard and compare your summary to any “hard” data you can find.

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The Institute for Community Involvement, LLC. Copyright © 2016 What changes will we see in residents?

The Institute for Community Involvement, LLC. Copyright © 2016 What changes will we see in family? Baby Boomers Influenced by: Evidence and experts Buying buttons: Brand-loyalty; authorities Financial values: Long-term needs, cash and credit

The Institute for Community Involvement, LLC. Copyright © 2016 What changes will we see in family? Gen X Influenced by: Pragmatic, practitioners, Buying buttons: Brand switches, experts Financial values: Mid-term goals, credit savvy, life-stage debt

The Institute for Community Involvement, LLC. Copyright © 2016 What changes will we see in family? Gen Y Influenced by: Pragmatic, practitioners, experience and peers Buying buttons: No brand loyalty, friends Financial values: Short-term wants, credit dependent, life-style debt

The Institute for Community Involvement, LLC. Copyright © 2016 What changes will we see in family? Millennials Influenced by: Users and forums Buying buttons: Brand evangelism, trends Financial values: Impulse purchases, e- stores, life-long debt

The Institute for Community Involvement, LLC. Copyright © 2016 What changes will we see in workforce?

The Institute for Community Involvement, LLC. Copyright © 2016 Discussion Questions As you approach 2040, given what you just heard and from your own experience...what will be the most difficult challenge your organization will face… … in managing resident expectations? … in managing family expectations?... in managing workforce expectations?

The Institute for Community Involvement, LLC. Copyright © 2016 Facts vs. Impressions The research left several impressions, but there wasn’t the repeated thematic data to include these as findings. Please react to the following impressions:

The Institute for Community Involvement, LLC. Copyright © 2016 Workshop Summary Change: The “Silver Tsunami” is approaching, and change is happening faster than we expected. Change: Advancements in science and medicine will give residents a “longevity bonus.” Change: Boomer expectations will far exceed current resident expectations. Change: Boomers want to connect, learn, travel, leave a legacy and live life to the fullest. Change: More men…live longer, but the long-term ratio of M/F will remain substantially the same. Change: Community-building will be “huge!”

The Institute for Community Involvement, LLC. Copyright © 2016 Workshop Summary Demand: CCRC products and services from traditional buyers will return and start to grow. Health & Wellness: High-end Boomers are in better shape than previous residents; will come earlier and live longer. Fiscal: Costs will continue to rise; resources and margins will be tighter. Boomers lack the income and wealth to afford traditional products. New Products: Low-end populations will demand access; nonprofits will take the challenge. Home health care option for aging in place. Technology: Automation and technology will provide off-sets. Families: Unclear how Millennials will serve as family-advocates. Workforce: Finding and retaining qualified staff will be difficult. Medical personnel will be in even shorter supply. Managing Millennials workers will be challenging.