Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, November 27, 2018

The Future of Aging Just Might be in Margaritaville

MargTimes are changing. The fastest growing age demographic in America is now between the ages of 85-94. People are living longer, having less children, and less immigrants are coming. The Census Bureau predicts by the year 2034, people over the age of 65 will outnumber those under 18 for the first time. This shift is evidence around the globe.

Senior citizen communities that are formed for reasons beyond religion, military, and failing health may be the secret to enjoying a person's golden years. The recently built Maragitaville in Daytona Beach, Florida, promises fun, sun, and camaraderie for those "55 and better." But it comes with a hefty $10,000 deposit and monthly expenses, which the majority of older Americans cannot afford. 30% of those 65 and older have an annual income below $23,000, according to a study by the Kaiser Family Foundation, and the least expensive house in Maragitaville is easily 10 times that.

But the change is still brewing: There are cruise ships and floating condos that cater to the wealthy; the Villages, outside of Orlando, has dozens of golf courses and feature enrichment programs; University of Arizona is developing a 20-story senior-living facility it calls “the world’s coolest dorm.” Can redesigning the physical environment where seniors live can redefine the way we experience aging itself? The mood of these facilities are vastly different. No more set times with drab cafeterias. Now there are come and go restaurants, delis, and take out joints is these communities, giving a level of freedom that was previously hidden away.

See Kim Tingley, The Future of Aging Just Might be in Margaritaville, New York Times, November 17, 2018.

Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.  

https://lawprofessors.typepad.com/trusts_estates_prof/2018/11/the-future-of-aging-just-might-be-in-margaritaville.html

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