by Cree McCree
WHAT’S HAPPENING
- At a time of economic crisis, most aging consumers are wary about the future. Prospects are even more daunting for so-called “orphan Boomers,” who lack the built-in support systems of marriage and family (Las Vegas Review-Journal 10.19.08).
- About one-third of all U.S. Boomers are single, according to a 2008 AARP/Focalyst survey. Their ranks include the divorced, the never-married and the widowed.
- As they near retirement, some orphans are banding together in communal households. Independent and assisted-living communities for LGBT retirees are also springing up.
- Extended families provide emotional support. But childless singles still face legal problems when it comes to end-of-life medical and financial issues.
WHAT THIS MEANS TO BUSINESS
- From encore careers to communal housing, Boomers are rewriting the rules of retirement. Even before the economic crunch, older singles were joining forces. Expect the trend to tick upward during tough times.
- Some retirees prefer to go it alone. Demand for in-house services like meal preparation and grocery shopping can only grow as single Boomers age.
- When it comes to end-of-life issues, handshake pacts don’t cut it. Older consumers without family need sound legal advice from specialists they can trust.
