"Aging in Place" - Independence Extending Technology

We see it everywhere – business ads targeting the latest and greatest technology to the hip, tech-savvy young Millennial, but the real buying power is in the hands of their parents. Although?Americans over 50 represent less than 1/3 of the United States population, they control 77% of the total net worth with nearly $46 trillion of wealth, according to the Bureau of Labor Statistics. This aging population presents an opportunity for businesses that design products and services that not only help people thrive after retirement but maintain health and independence in later life.

In the next few decades, this population of mid-to-late-lifers will be the first generation to benefit from the health and wellness-conscious wave of the 2000s and is predicted to live longer, healthier lives pursuing a myriad of activities and interests. Retirement is no longer confined to a retirement home but rather the beginning of a second act. According to most predictions, many will have just as much life ahead of them as behind them and see this as a time of profound independence.

Of course, the health needs of an individual in their mid-60s vary drastically from that of an individual in their mid-90s. However, as individuals and couples plan for their future, the recent advancement of new technologies in telemedicine, remote patient monitoring, and social connection may soon give retirees and seniors the confidence to invest in “aging in place” since in a recent?survey 94 percent of older adults said they plan to age in their own home, even as health needs change.

The U.S. Centers for Disease Control and Prevention defines aging in place as "the ability to live in one's own home and community safely, independently, and comfortably.” A dazzling array of?new technology is giving older people more?confidence in their ability to live alone, and it's helping many families avoid the wrenching decision to move an aging parent from his or her home to a nursing facility. "Smart" technology such as sensors, voice activation, GPS, Bluetooth, cellular connectivity via mobile phones,?smartphone monitoring apps?, and sophisticated computers are making aging in place a viable option for an increasing number of people, particularly widows who make up over 70% of nursing home residents.

There are devices to track medication and Alzheimer's wandering, activity — or inactivity — in the house, falls, and real-time health information. With mobile push-button personal emergency response systems, called PERS, and GPS location tracking, you can monitor parents or aging friends at home or while they play golf or go on long walks. As well as heart monitors to detect arrhythmia or abnormal heart rates.

The integration of these technologies for the support of elderly individuals will likely change the way we envision social aging and caring for our elderly loved ones. It is often referred to as "connected independence" and includes not only interconnected technologies and data but also the helping hand of a family member or professional caregiver.

Although not specifically targeted toward aging individuals, many of the recent advances in smart homes and the gig economy will have an enormous impact on supporting independence. These empowering innovations include everything from video doorbells to online grocery shopping to Uber and Lyft and even Nest?Smart thermostats/smoke detectors.

Although many of these technology companies focus on the marginal convivence of their millennial customers, the impact of these and future service technology companies will have a profound impact on maintaining independence later in life.