Even with sound levels of employment across the country, wages are not following suit in their growth. As the cost of living rises and incomes fail to outpace it, spending power actually erodes over time, and you are probably like many consumers or members of the professional workforce in noticing how you have to work harder just to stay afloat.
Many are turning to business opportunities or new career niches than they’ve used before to either make up the difference or just to start making real money. If you’re on the hunt for a market demographic you can start profiting from, then you might want to look at the aged care business opportunities that are now available.
Life expectancy has been rising for most of the industrialized world ever since the early 1950s, and in many places, they are continuing to go up. Breckenridge County in Colorado was recently noted as the highest average living expectancy in America at nearly 90! The over-65 population is the fastest growing segment of the population, and with Baby Boomers holding two-thirds of the nation’s wealth and financial resources, the aging crowds are not just a strong source of demand in sheer numbers but also in their cumulative spending power. Keep reading to learn about 7 such possibilities:
1) Mobility assistance products: As the average citizen continues to see their lifespan extended and increased thanks to advances in medicine, nutrition, technology, and science, their bodies still withstand wear and tear. Many have trouble getting around more than they used to, so mobility assistance products ranging from canes to walkers and travel scooters are growing in sales.
2) Home improvements and renovations: Elderly individuals or even some in advanced middle age are just not able to do the projects around their homes that they want to. Offering your services as a contractor can either help them with their projects, or you can just do them for them. If you want to truly specialize in the aged care facility segment, then focus on projects that can make life easier or safer for an older person, like moving a bedroom downstairs, easy-entry bathtubs or showers, handrails, and slip-proof flooring.
3) Technology: Advances in technology are not only helping people live longer but also making those advanced years easier. From large-screen wireless phones and hearing aids to closed captioning on televisions and text-to-speech readers for websites and eBooks, there’s plenty of things you can sell to the older market of consumers that makes their lives much easier.
4) Medicine: The overwhelming amount of health care in the nation is resources, time, and dollars spent on folks in the last third of their lives. That doesn’t just mean a need for more doctors and nurses, but also technicians and physical therapists.
5) Investment management: Once someone reaches retirement, they might suddenly discover they saved for 15 or 20 years of retirement but might reasonably expect 30 years or more of life left, depending on their health and age. The right financial professionals can help them balance their nest egg between preserving their wealth, providing a comfortable annual income, but also growing it over time.
6) Employment in a senior community: Senior communities exist in various styles, with many properties often combining options of folks still living in their own home, slower residents staying in apartments, and the truly infirm coming into a dedicated medical or supervised wing. Such facilities rely on a broad staff of many functions and talents. Some positions are filled by residents of the community, but anything else is hired externally.
7) Personal assistance: Some older individuals just need a little help dealing with daily life matters, especially if it’s things that are newer to society, or just general labor around the home. You can help residents set up their email or just clean out their garage.