Intergenerational living is on the rise, and some say it could be the key to aging gracefully. According to census data, the number of people living with multiple generations quadrupled between 1971 and 2021, to 59.7 million. For many of them, the intergenerational arrangement saves money and improves their quality of life. Some experts also hope it will cure the loneliness that tends to plague older folks.
Why are intergenerational communities growing in prevalence? And what does that look like? Read on to find out more.
If the idea of a retirement community, with its bingo nights and attached nursing wards, doesn’t appeal to you—you’re not alone. As millions of baby boomers reach retirement age (with Gen Xers not far behind), they seem intent on transforming the very concept.
Instead of age-specific residences like retirement or 55+ communities, there’s a trend towards intergenerational housing that brings together people of all ages. For example, Bridge Meadows, a multigenerational development in Portland, Oregon offers affordable housing to seniors, foster youth and their families. The community includes planned activities, shared meals, and common areas designed to bring residents together.
Mirabella at ASU is a unique type of senior living community. The 20-story luxury apartment tower sits on the Arizona State University campus in Tempe. All residents have student ID cards which they can use to audit classes and visit the university library. And home-sharing services in cities like New York and Boston match older adults with younger renters who are willing to share space and in some cases, provide household aid.
More communities are springing up around the world in all sorts of styles, all with the same goal: connecting generations and improving well-being.
Loneliness is linked to poorer health outcomes–it’s been compared to smoking 15 cigarettes a day, and is associated with increased risk of heart disease, stroke, anxiety, depression and dementia.
Research shows that loneliness and social isolation are more pronounced in older adulthood.
In an era of longer life spans and increased loneliness, some believe multigenerational communities could be the key to thriving as we age. Living alongside younger individuals benefits older adults both mentally and physically by:
Young people benefit from intergenerational settings, too. Research from Generations United found that kids involved in these programs develop better social skills, build confidence, and perform better in school.
To succeed, intergenerational living communities need to be planned intentionally. That may mean creating enticing shared spaces, reserving some affordable apartments for seniors in mixed-age buildings, and planning ways for residents to interact.
Technology also plays a significant role in promoting independence for older adults. Here’s how:
Imagine the peace of knowing you’ll never have to give up your car. Self-driving cars, while not yet mainstream, could be ideal for older drivers in planned communities. These systems are easier to implement in smaller, controlled areas, which would allow seniors to run errands or attend community events independently.
Smart home technologies are not just cool and convenient—they help aging adults live on their own for longer. Seniors can benefit from smart home technologies you may already use, like doorbell cameras and smart thermostats. But you can also consider:
Advances in in-home medical technology will give us more control over our own healthcare and wellness. With wearable sensors, patients can monitor vital signs, blood sugar levels, or changes to chronic medical issues themselves. If anything is off, the monitors will send that information directly to your doctor for changes or treatment.
Blue Cross Blue Shield says demand for telehealth services is up 300% compared to pre-COVID-19 levels. Health issuers are answering the call by providing virtual doctor’s visits and access to in-home testing options. Medicare or private insurance companies may cover some aspects of in-home care services such as:
Check with your policy, as coverage may require a physician’s certification that you are homebound, or other contingencies. You can also purchase a separate home care insurance policy or rider.
In the name of healthy aging, baby boomers and Gen Xers are leading the charge for multigenerational living. This new view on retirement emphasizes fewer assisted living facilities and more mixed-age cohousing options.
In this vision, older adults combat loneliness and stay active, while younger generations gain wisdom and support. It’s a win-win.
Doing it right takes planning, but the upside of intergenerational living—better health, affordability, and strong communities—makes it a trend to watch. As we’re expanding the view of what’s possible, we also need to prepare for the changes. For someone approaching retirement, that could mean:
Embracing these steps can help pave the way for a fulfilling and connected retirement.
From where you live to how you plan for it, you have options when it comes to your future. Working with us means you’ll have a dedicated partner who stays on top of the latest trends, technology, and alternatives to the status quo. We’ll take time to truly understand your personal financial situation, then help you explore all your options to find the right fit for you.
By solidifying your retirement income and financial foundation (including estate planning and insurance) you can rest assured you’re well-prepared for the years ahead. The path to a long, healthy, and financially secure life is yours—we’re just here to help guide the way.
Want to get ahead in the retirement planning game? Download our midlife money checklist to make sure you’re ready, sooner rather than later.