Concept of Living in Ageless Communities

Colonel A Sridharan, VSM

Founder & MD CovaiCare

“If you are unwilling to change with changing times

And, innovate for the future, you are bound to be doomed!”

Introduction:

“(India is on the cusp of overtaking the United States to becoming the world’s second-largest economy, with a consumer spending of $5.7 trillion, 77% of the population under 44 (80% among the middle class), and a billion Internet users, all by 2030, according to the World Economic Forum”- Srivatsa Krishna, IAS in The Hindu Newspaper Column June 01, 2019

Retirement communities for the affordable segment were evolved from old age homes meant for the poor and the destitute. While old age homes are run by Government or NGOs or by charitable institutions, private players set up retirement communities around Y2K. 70% of senior citizens in India live in rural areas. 

Multiple models have been created and are functioning. Most of them cater to providing the requirements of living of the senior citizens. Less than 2% of about 30% of urban seniors live in such retirement communities. 28% continue to live in their own dwellings either alone or with children/relatives. Only a few retirement communities have realized the need for care components that become necessary with advancing age and longevity.

Effects of Longevity:

? In addition to quality services, quality care assumes importance. 

? Care components such as assisted, palliative, memory, preventive and care of the special needs children (PsWD) after the demise of the parents are necessary and are now getting evolved in India. 

? The entry age into a retirement community has progressively increased. Post retired life can now be for 30 years or more. With better awareness to wellness and lifestyle changes, moving into a retirement community is to get services and/or care. 

? There is a need to save to bear the cost of care with advancing age. Since the age of entry into a retirement community is getting delayed, seniors are willing to move into smaller dwellings and thus reduce capital investment

? Above 80 years of age, preference is to opt for dwelling on lease/rent and not to buy

? Investment long before retirement (for the future) as in the past is not a great option now.

Current Trends in Senior Living: Stand-alone retirement communities are not preferred. Because of the effects of longevity, preference is to shift into a township project. Townships have the following advantages:

? Senior citizens can have their freedom and independence 

? Seniors get to mix with others instead of being only in the company of similar people of their age.

? They can enjoy other amenities available in the township.

? With longevity, many of them can play games like tennis or badminton or Golf or take a swim or use Gymnasium or take part in a marathon or walkathon, etc.

? If the children also reside in the same township, it fulfills their emotional quotient and at the same time, they can lead their own life.

With longevity and access to better health care, stand-alone retirement communities with shelter, security, food, basic medical facilities, and some entertainment are not enough. The use of technology for quality services and care is becoming a necessity. Skilled nurses, caregivers, and other support staff are becoming scarce. Currently, the age of entry into a retirement community is 50 years though there is no restriction on investor’s age. 

Ageless Communities:

The younger generation today complains of “stress, burnout, and early retirement.” The elders worry about “longevity, increasing the cost of care with age and living over 30 years after retirement!”

While the elders want retirement age to be increased, the younger generation is looking at early retirement. Will the burnout and stresses vanish soon for the younger generation to retire early or the advancing age causes more stress and worries? Ultimately, age is only a number. And that number is the same for all – elders and youngsters! We are gravitating towards “ageless communities”

The Concept of Ageless Communities:

Vision: Blend senior citizens and the younger generation (above 45 years) in the same living spaces that are reserved for seniors in a township project, without losing freedom and independence and, make an inclusive lifestyle that would benefit all. 

Concept in Brief

1. In a township project of real estate, reserve an area specifically for the Ageless Community

2. Meant primarily for senior citizens, the property can be owned by any age group, but the owner resident or tenant should be a minimum of 45 years of age

3. No segregation of living spaces between the younger (45-59 yrs) and senior citizens (above 60 years). However, senior citizens above 75 years of age may be given preference for the occupation of lower floors

4. Common facilities, amenities, services and care components created would be such as can be used by all residents of the Ageless Community

5. Other facilities in the township project including sports, clubhouse, swimming pool etc., will be available to the owners/residents of Ageless Community. The usage may be charged.

6. The facilities and common amenities created for the resident of the Ageless Community will be exclusive for their use only

7. The property is freehold and can be sold to anyone above the age of 45 years. If sold to someone younger, he or she can come only when they are 45 years of age.

8. The age limit of 45 years is the age of one of the spouses; the other can be younger or older. If the elder spouse dies, the younger spouse can continue to live in the same dwelling even if he or she is less than 45 years. Children are allowed to live with their parents.

9. Services, care, property management, and resale will be facilitated by CovaiCare as hitherto fore. 

10. While residents can enjoy all facilities and amenities provided in the Ageless Community, the residents would need to abide by Guidelines for Ageless Community Living. 

11. Services and Care would be provided by Team CovaiCare, which has over 15 years of experience in this segment of senior living and care. 

Reasons to Lower the Age of Entry to 45 Years: Given that seniors are postponing their entry into a retirement community, why reduce the age of entry to 45 years? Good question! Let us look at some facts: 

? Assume the age at the time of marriage of a man of that generation, who is 45 years old today, to be between 26 and 30 years. 

? Assume that normally the man is older than his wife by a few years and he and his wife may or may not be working. More likely that she may be employed since husband and wife going to work took deeper roots from that generation.

? Possibly they would have invested in a property by the age of 40 and paying for the loan.

? At his age of 45 years, the elder child of the couple would likely to finish school and enter college. May or may not live with the parents once the child goes to college. 

? If there is one more sibling, the age could be 14 to 16 years (exceptions are possible). When the man is 47 years, his second child may also go to college. 

? It may be of interest to note that couples from that generation that are of our concern mostly have one child.

? If the parents of the husband and wife are alive, they would be around 75 years or so. This is the age when the effects of longevity show up. The children of the seniors are now worried about the care of their parents. If the children are separated by distance (as is the case in this segment), the effects of the old age of parents worry the children and also the parents.

? It is at this age of around 47 to 50 years, one seriously starts looking for a post-retired life. Possibly the parents' care also becomes a big problem at this age. 

? One option for the couple and their parents living in the same city is to move into a township that offers senior living spaces so that the parents can move into it and the man and his family live in another apartment in the same township. In Indian customs and traditions, only the man has to worry about his parents; the wife’s parents are the worry of her sibling(s)!

And now, if we can offer an Ageless Community as perceived by CovaiCare, where the parents and the son or daughter with their family can live in separate apartments in the same Tower, would it be the win-win solution? This of course subject to a minimum age of entry is 45 years (the spouse could be younger). 

Given the freedom and independence of the seniors and their child, it is less unlikely that both the families would live together. If they desire to live together, they will have to accept the Enhanced Monthly Maintenance option as well as Catering Option. 

Advantages of Living in Ageless Retirement Communities:

For the Seniors:

No feeling of exclusion from society since they will be living in the midst of the younger generation. Location advantage Of Ozone Greens Community

c. A large number of apartments in the entire area (including those by other developers)

d. Get quality services and care from CovaiCare that includes Assisted and Memory Care

e. Availability of other facilities in the planned Club House Complex of Ozone Greens

f. Freedom and independence and yet be in the same complex with their children should they also invest in an apartment

g. All the advantages of living in an Ageless Community

h. Live as a Joint Family without boredom

For the younger investor (45 years of age):

a. Freedom and independence

b. Live in the same dwelling after retirement

c. Safety and security for children

d. Use of all amenities in Ozone Greens

e. Exclusive use of facilities in Ageless Retirement Community

f. Parents can choose to live in the same complex but with independence

g. No worries about parents as CovaiCare services and care are available

h. In case of a working couple, solves all issues with housekeeping, plumber, electrician as well as medical care including Dentist and Specialist Doctors available (on-call)

i. Children can learn from the elders who are knowledgeable; keeps seniors also occupied

j. The vibrancy in the Ageless community creates the atmosphere of a Joint Family but with individual independence and freedom

k. Sense of fulfilling social obligations in caring for seniors

l. Early investment for future and reduce the cost of capital

Implications of Reducing the Age to 45 Years

Between 50 years, the current permissible age of entry in a retirement community and, the proposed 45 years, the difference is only five years. But a lot happens in a family in these five years:

? Peak career progression and need to stay ahead in this competitive world

? Children’s educational requirements in terms of Tuition classes, developing traditional art forms or sports take a lot of time from the parents. 

? Children may have gone or about to go for higher studies – the family gets smaller in size. 

? One starts thinking of aging and planning for the future

? Some health issues may appear

? Parents will be getting older -75-80 years and may demand more attention

? The labour availability in India will further reduce. Structured sharing of housekeeping and other staff without worries would be preferred, "If Kamala does not come, Vimala will come"

Marketing and Sales Advantage

? A new concept in keeping with the times

? The product mix is different

? Location advantage

? Guaranteed services and medical care for the younger generation, which is absent now

? Freedom from cooking for the entire family with the option to cook if desired

? Unlike an apartment complex, you will get a variety of activities in which all can also take part, organize and enjoy

? The concept from CovaiCare, with a proven track record in senior living and care

? The biggest advantage is the location

? Early investment for living with children and with seniors as you advance in age

Marketing Strategy

? Marketing to be targeted not as an exclusive retirement community but for ages above 45

? Spread the concept through Blogs, website, digital media, articles in newspapers and magazines

? Organize “talk shows”

? Do a survey with the database available

? Work out marketing cost and implement it 

Sales Strategy

The sales strategy would need to take into targeting the younger (45 years) as well as senior citizens. We need to offer this as a package for the seniors and their children  

Conclusion:

Ageless communities are the need of the present-day demographics. The concept is just an extension of senior living and care with a difference that even the younger generation lives in the same living spaces. Given the effects of longevity and the advantages of mixing the young and the old, the concept most likely adopted with many people, thus increasing the salability of the project at a faster pace. 

We need to have a survey as suggested to confirm the efficacy of this concept and this can be done soonest. We will also need to spread the concept as suggested in this Paper

Perhaps it is time in India that we become “ageless” – in our living styles of the old and young!