Expanding senior living beyond seniors

​Between 2020 and 2040, the number of people aged 85 and over is projected to more than double from 6.7 million to 14.4 million, according to the U.S. Census Bureau. By 2050, it’s expected to balloon to 18.6 million. Those changes will create shifts in where and how people are likely to live as they age – and what organizations will need to do to adapt to the market. Senior living facilities are diversifying their revenue streams so they can better ride out market challenges – and food can play a significant role here. Specifically, a recent report from Clifton Larson Allen Wealth Advisors said one of the key trends shaping senior living right now is the evolving provision of services that enhance health, wellness and lifestyle – and investment in new service lines that can help position themselves for the future and serve future consumers. More facilities are inviting not only their residents but also the broader community to enjoy amenities such as private dining rooms, catered events, fitness classes or pickleball courts, for example. A report from the senior living technology consultancy Go Icon said some facilities are offering the public open hours for certain amenities, day or week passes, ongoing access to specific amenities, or memberships to multiple amenities in the community. In addition to generating new revenue streams, this approach to senior living could help dissolve some of the barriers between seniors and other generations. By making residential facilities more welcoming and accessible, and providing potential benefits to residents’ emotional wellbeing, these facilities may also give rising generations of residents a window into future living options for themselves.