There are approximately 1.4 million beds available in assisted living facilities and homes in America today. Most of those beds are already occupied. The best facilities have waiting lists to get in. The supply is limited and needs to expand to handle the demand that is coming. The Silver Tsunami of Seniors is an unstoppable wave of demand and opportunity. On average, 4,000 people turn 85 years old every single day. That’s about 120,000 new 85 year olds every single month and 1.4 million new 85 year olds every year! Not everyone will move into an assisted living facility but hundreds of thousands will move in and do need assistance every single year. The need is growing by the day. This a crisis for some people but it is also a real opportunity to do good and do well. Families are going to need help to care for their parents as they age, especially with the decline in family size over the last 5 decades. 50 years ago, families were having 7-10 kids. These days, having 1-2 children is the norm. A family’s options today are: 1- Care for their relative themselves at home. 2- Hire out the in-home care, at an average cost of $23 per hour 3- Find a senior living facility or Residential Assisted Living Home for them to move into. For most families, caring for mom or dad themselves just isn’t feasible like it used to be. Hiring in home care is incredibly costly. $23 an hour for 8 hours or more adds up quickly. The third option is a senior living facility or RAL Home. These facilities can range greatly in price and quality. On average the cost for one month is currently $3,750 each month for a private room in an assisted living facility. That is the average and includes government subsidies that lower the average. In reality most people will not receive those subsidies and they will be paying out of pocket. Those costs for a reasonably comfortable home will be $4,000 – $6,000 per month. Some of the nicer facilities are much more. Depending on the level of care they are receiving it can cost two or three times as much. There’s a way to save you and your family from the costly burden of caring for a loved one late in life. There’s a way to help the growing numbers of seniors that need care and homes. The solution is to own and operate your own residential living facility. Whether you decide to invest in a big box facility or a small residential assisted living home is up to you. If you owned a senior home, you could move in for free when the time came, as could your relatives and loved ones. In a home you own, you know you and your loved ones will be well taken care of, lifting a serious burden from everyone’s shoulder. At the Residential Assisted Living Academy, we teach people how to take advantage of the silver tsunami and not get crushed by it. We’ve turned this crisis into an opportunity to do good and do well.
One way or another, you’re going to get involved with senior living.The real question is, what are you going to do about it?
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