The pandemic has spurred surges in camping and RV travel due to the need for social distancing and outdoor activity. But it’s not all fun and vacations: one group of Americans adopted a self-sufficient and nomadic lifestyle long ago, living full-time in motor homes and working seasonal jobs to support themselves as they travel the United States. Paul Solman reports on retirement-age “workampers.”
From a The Real Deal online article:
A unit at the Clare costs an average one-time entrance fee of $800,000 or so, along with around $5,500 monthly fees. The entrance fee is refunded when a resident dies or moves out. Entrance fees at a typical senior living facility is around $369,000.
The 53-story Clare tower on Chicago’s Magnificent Mile has sold for $105 million, a sign that luxury senior living facilities hold huge upside in today’s market.
Fundamental Advisors LP sold the luxury seniors-only tower for twice what the private equity firm paid for the 334-unit tower in 2012, according to the Wall Street Journal.
Electric planes could soon fly commuters from city to city, a transport minister has disclosed. George Freeman, minister for transport and innovation, told The Telegraph’s “Chopper’s Brexit Podcast” that there was “a whole opportunity for short-haul transport at low altitude” that the country was yet to grasp.
In an episode of 2020 predictions, Mr Freeman said: “This will be the year where we begin to see a whole new world of low level aviation, Velocopters, electric planes. We already run the world’s first commercial electric plane service and Boris and I have been looking at how we can develop UK leadership in electric plane technology.” Mr Freeman said the planes could take eight passengers and fly at 2,500ft and could be used for “short hops between cities that take you an hour or two in the car, pumping out carbon monoxide.”
“At the moment the electric plane seats eight. But you know what the aerospace industry is like – eight soon becomes 18, and that soon becomes 28. We are determined to lead in the revolution of clean transport.”
To listen to the podcast in full, head here: https://www.telegraph.co.uk/politics/…
From a Wall Street Journal online article:
More schools are building or planning senior-living facilities on or near campus to cater to baby boomers who view college as a stimulating alternative to bingo at an archetypal retirement home. Some savor the pursuit of academic and cultural interests. Others are lured by the promise of interaction with younger students, for whom many hope to act as mentors.
It is the latest way for universities to profit from one of their greatest assets, land. Colleges have already taken advantage of this privilege by developing hotels and high-end student housing. Now, some see sales of upscale senior housing as the next step.
Lasell University, just west of Boston, built one of the first on-campus senior communities two decades ago. It requires members to take 450 hours of coursework or activities each year. Other programs have since sprouted up in places like the University of Michigan and Oberlin College in Ohio. Some communities are on campus; others are situated nearby and may have only a loose affiliation with the school. Many offer assisted living and nursing options.
From a USC Dornsife Magazine article by Susan Bell:
Not a Slippery Slope after all
Contrary to popular opinion, when it comes to well-being, our lives do not represent an inevitable decline from the sunny uplands of youth to the valley of death. Instead, the opposite is true — we can confidently look forward to old age as the happiest time of our lives.
More than 50 years have passed since The Who’s Pete Townshend penned these immortal lines on his 20th birthday, resulting in the band’s iconic ode to rebellious youth, “My Generation.” These days there is no hint that the rock star, now a spritely septuagenarian, is entertaining any regrets that his youthful wish didn’t come true.
So why do people grow happier as they age? Is it an absence of stress, or are they able to focus more on what brings them joy?
But as a young man, Townshend certainly wasn’t alone in dreading old age, and while his suggested remedy for avoiding the unavoidable may have been extreme, he also wasn’t alone in wanting to dodge what we tend to believe will be the miseries of aging.
Professional Canadian athlete Justin Kelly celebrates retirement by hitting the road on his motorcycle and enjoying the waves in Malibu. Share in Justin’s vision for sustaining his love for travel after retiring his #27 jersey and completing a remarkable ice hockey career.
Feom a Barron’s online interview article:
Right now, you tend to have investment advisors for retirees, and insurance advisors or salespersons for retirees, and it’s fairly rare to go to somebody who can sell you annuities or invest your money and has no financial incentive to tilt one way or the other. Ultimately, what I’d like to see are people who have knowledge of both annuities and investments, and who are compensated in a way that doesn’t influence the decision.
The idea is that you segment your money. It’s similar to using “buckets” but with a time component. A retiree might have a box for 2020 and a box for 2021, and 2022, etc.
Nobel Prize–winning economist William Sharpe has spent most of his career thinking about risk. He’s behind the Capital Asset Pricing Model for gauging systemic risk and the eponymous Sharpe ratio, which captures risk-adjusted return.
A few decades ago, Sharpe turned his attention to what may be the biggest risk of all for most Americans—running out of money in retirement. The professor of finance, emeritus, at Stanford University’s Graduate School of Business created a computer program that eventually covered 100,000 retirement-income scenarios based on different combinations of life spans and investment returns for a retired couple. Sharpe has made this program available in a free ebook, Retirement Income Scenario Matrices.
Entrepreneurs are often imagined as twenty-something recent college dropouts. But in fact, people ages 45 to 64 start businesses at higher rates than do their younger peers — and plenty of seniors are in startup mode, too. Economics correspondent Paul Solman visits a New York City center that helps older adults upgrade their technology skills and realize their entrepreneurial dreams.
From a The Guardian online article:
A new almshouse movement, advocated by some experts, builds on a way of living dating back to the 10th century. Almshouses provide sheltered but independent housing, often around a central courtyard, at affordable rents. Many offer social activities, on-site maintenance and – crucially – links with external groups.
The housing industry should “focus on building communities made up of homes for rent that will meet the needs of all demographics and not just the 25- to 35-year-olds whose faces often adorn modern development hoardings.”
(Ken) Worpole has been involved with the development of a new almshouse in Bermondsey, south London, for United St Saviour’s, a 500-year-old charity. Construction is due to begin next spring and completed by the autumn of 2021.
Read more from Ken Worpole: https://www.eur.nl/sites/corporate/files/2018-06/KW.Rotterdam.2017.pdf
The project, says Worpole, “seeks to actively retain longstanding entanglement of residents with the life of the neighbourhood, old friendships, local parks, libraries, shops and social activities. It is open to the world and still part of everyday life.”
The site of the new homes is on a busy high street, and designed to be accessible to the general public. A glass-fronted “community lounge” will be available to local groups.