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Seminar on how to avoid the coming housing crisis for middle and low income seniors

 

Last updated 9/7/2019 at 11:59am



MURRIETA – Barbara Matthews, a gerontologist, author and senior care advocate, is hosting a seminar Wednesday, Sept. 18, from 10 a.m. to 1 p.m. in Murrieta at SRCAR Event Center, 26529 Jefferson Ave., in Murrieta. Speakers include Gene Guarino, the nation’s leader in Residential Assisted Living, https://residentialassistedlivingacademy.com.

The silver tsunami of 56 million aging Baby Boomers in America is not well-known. According to research firm National Real Estate Investor, by 2029, when a significant number of Baby Boomers will need senior care, only 19% of middle income Boomers, those earning between $24,000 to $75,000 annually, will be able to afford senior care. It’s estimated that almost 1 million additional senior care units will be needed in 2029 for seniors who can afford the projected $60,000 year in care costs. There is a looming crisis involving the scarcity of affordable senior care housing for middle income Baby Boomers; not unlike the current lack of affordable senior care housing for low income seniors where the waiting lists are two to three years long.

The current average monthly cost for senior care in Southern California is $4,600 month. This average is somewhat misleading since some small residential care homes for older adults charge around $3,000 per month while memory care and other residences providing higher levels of care or amenities charge $8,000 per month and more.

“Our public policies need to address both the current and looming shortages of affordable housing,” Matthews said, having worked in health and senior care for two decades. According to Matthews, seniors often stay in their homes as long as possible. Some downsize; some sell to move closer to family and some sell to pay for senior care.

“As senior care costs rise, cash from the sale of a home may not be enough to pay for senior care for a couple or even for one,” she said.

Matthews said she proposes a solution that involves families turning their homes into care homes.

“There are state requirements, zoning requirements, financial considerations, staffing and liability considerations,” Matthews said. “It is not the best solution for every family, but turning the family home into a cash-generating asset that pays for all the senior care a family will ever need  is certainly an option to consider.”

Ten thousand Baby Boomers turn 65 every day.

“Baby Boomers include many never-married, childless and divorced individuals. They might consider a ‘Golden Girls’ option for affording senior care,” she said.

The public is invited to attend the seminar, and Baby Boomers are encouraged to attend. Seats are limited. The cost is $49 which includes speakers, book and lunch. Call (951) 428-4099 or email [email protected] to reserve a seat.

Submitted by Barbara Matthews.

 

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