The world is experiencing a major fundamental shift surrounding the subject of aging. As health care advances surge, not only is the average life-span of people across the globe growing, but so too is the quality of life for many middle-aged to older people improving, thereby extending their productive years on earth. Rupert Murdoch is running a global empire at age 84! This trend is extremely exciting (especially for someone like me who is not 30 years old!) and yet it poses many daunting challenges too. In these challenges lie numerous obstacles and opportunities for all of us, especially real estate professionals. Here are some thoughts on the subject:

• The average U.S. life expectancy was 47 years in 1900:  it is 78.9 years as of 2010, an increase of almost 68%. This trend is expected to continue growing with more medical advances.
• Between 2005 and 2050 the percentage of population over 60 years old will grow in virtually every country globally….estimates suggest a quadruple increase.
• Aging populations will lower labor force participation and savings rates.
• Labor force-population ratios could impact global economic growth.
• Government funded social services such as healthcare and benefits are usually funded by the younger working population: as that group shrinks and the number of aging dependents grows, the stresses to fund these programs will increase. 
• People will be forced to work longer to help pay the taxes to fund services, and this could reduce the jobs available for the younger generations. Retirement age is bound to rise.
• Perception-wise, 60 is the new 50: many baby-boomers are working longer, looking younger, acting younger and doing all sorts of things to their appearance to truly appear much younger than they truly are. 
• Botox, Restalyn (speaking from experience!)and a host of cosmetic surgical and non-surgical procedures have revolutionized the appearance of affluent humans.
• There are many super-active, vibrant, strong real estate agents working in our industry who are 65+ years of age, who traditionally might have been slowing down. Today these agents have no plans of slowing down!
• People are being trained, coached and self-training themselves to think and act younger and continue educating and re-educating themselves.
• The Federal Reserve’s 2013 Survey of Consumer Finances estimated that households aged 55 and older controlled over 66% of all home equity, placing the aggregate value of their homes close to
  $8 trillion.
• Baby-boomers are holding onto their homes longer, thereby contributing to new inventory shortages.
• The concept of retiring within your home keeps increasing in popularity.
• The longer the wealthy work, the more wealth they accumulate. The more likely they are to help their siblings to buy real estate. Diversification and distribution of wealthy estates will grow well before death.
• Expect the wealthy elderly to want homes that function well for the elderly. New homes are bound to include numerous amenities and features catering to safety, longevity and well-being.
• As people share second homes and vacation homes, expect more sharing of city homes too.
• As different cultures integrate into the USA, expect more family compounds or parents and grandparents living very close by or with their kin under the same roof.

While the marketing world focuses its sights on Millennials, don’t underestimate the legs of the baby boomer and older generations. You don’t have to speak to them as if they were the aged either!