Senior Care a Booming Industry for Older Adults Who Plan to Continue Working
Baby Boomers began turning 65 January 1st and, just as they’ve blazed new trails throughout their lives, these independent thinkers appear to be on a different path than previous senior generations. An estimated 35 percent have returned to the workforce after having retired from a previous career, according to a recent AARP survey. One industry that has attracted the Boomer generation is senior care, which takes advantage of the skill and experience of seasoned professionals who are enthused about serving other seniors and changing the face of aging, according to a representative from the Home Instead Senior Care® network. The organization, which Franchise Business Review recently listed as the top senior care franchise in the U.S. by units and revenue, has developed a website that encourages Boomers – and those younger – to share their ideas about how they see themselves growing older.
Omaha, NE --January 25, 2011--Beginning January 1st, 7,000 Boomers will turn 65 every day this year and, according to a recent AARP survey, they’re feeling good and not ready to quit working.
One-in-three (34 percent) is still in the workforce, and 35 percent have returned to the workforce after having retired from a previous career, according to the survey. Of these working Boomers, only 55 percent plan to cut back on their work hours in the next few years and four-in-10 (40 percent) say they “plan to work until they drop.” Among the industries that are attracting these go-getters is senior care, which can help seasoned professionals find new purpose and meaning in second careers that extend past the traditional retirement age.
In its December 2010 report, Franchise Business Review noted that senior care continues to perform solidly despite flat or negative growth in other industries. “It is not uncommon among the top senior care franchises to build overall revenues of the business to several million dollars,” the report noted.
The Home Instead Senior Care network® is listed as the top franchise by units and revenues. The report also revealed that Home Instead Senior Care offers one of the lowest initial investments and the highest yield ratios (Average Unit Revenue/Average Investment) in the group. The organization has been ranked best in category for franchisee satisfaction since 2007.
“With40 million seniors over 65 living in the U.S. and that number projected to double over the next 20 to 25 years, the industry will remain a strong option for those Baby Boomers who continue to work past the traditional retirement age,” said Tim Connelly, director of Franchise Development for Home Instead, Inc., the franchisor for the Home Instead Senior Care network.
“A number of our franchise owners are seniors themselves or individuals who are building new careers as a result of early retirements,” he added.
“As the first non-medical home-care company on the scene in 1994, the Home Instead Senior Care network has set the trends for the industry, and that includes innovative programs that embrace the attitudes and vision of seniors,” Connelly noted.
He said that changing the perception of aging is important to a senior care leader such as Home Instead Senior Care. “Home Instead values the contributions that older adults have made to our world. The organization also knows that planning for their senior years is an important key to aging independently, which also can help older adults work longer if they desire.”
That’s why the Home Instead Senior Care network has developed a website How WillYouLive.org that encourages Boomers – and those younger – to share their ideas about aging and how they see themselves growing older. A video on the website helps get the creative juices flowing.
“Whether that includes the desire to work past 65 or the dream of retiring early, the Home Instead Senior Care network hopes to begin to change attitudes and perceptions about aging,” Connelly said. “The anticipation is that these ideas will trickle down to the marketplace providing more opportunities for those who want to build careers that will allow them to continue working or retire early.”
Anyone interested in information about senior care business opportunities can register for a one-hour Home Instead Senior Care Franchise Opportunities webinar. The next webinar is scheduled for February 23, 2011, at 1:00.