A new narrative is emerging as older adults in the post-career life stage of their lives — roughly between the ages of 65 and 85 — who are living longer and healthier than members of previous generations and looking at this new chapter as a time to repurpose skills, make an impact and leave a legacy.
That’s according to speakers during a recent virtual roundtable hosted by senior living marketing group Varsity.
University retirement communities are gaining traction in the senior living industry as a way to fill that need and provide a solution to the isolation and loneliness that comes with living in their homes, the experts said.
Lindsey Beagley, senior director of lifelong university engagement for Mirabella at ASU, addressed the concept of senior living communities partnering with colleges and universities to create intergenerational connections and resilience among older adults.
The baby boomer generation is the most-educated retiree cohort ever seen, and its members have a nostalgia for their college experience, she said. They also are healthier than their parents and grandparents were at this stage of life, and they are looking for experiences that vastly differ from previous generations, Beagley added.
Referencing a quote from Andrew Carle, who recently launched UniversityRetirementCommunities.com — “Seniors want active, they want intellectually stimulating and they want intergenerational. I just described a college campus.” — Beagley said that Mirabella took the concept and ran with it, opening in December 2020 on the Arizona State University campus. The average age of the resident at this continuing care retirement/life plan community is 76, although residents range in age from 56 to 94, and 81% have a masters degree or higher.
Beagley, who also serves on the Global Executive Council of the Age-Friendly University Global Network, said that Mirabella’s sales radius is national, pulling people in from all over the country who have no affiliation with ASU.
“This is telling me we are only scratching the surface of the market of folks who want learning and engagement at the center of their retirement experience,” Beagley said. Because Mirabella is located on campus, it has blurred the lines, in terms of who the students, community members and learners are, she said, adding. “They are deeply embedded in the university community; 90% came in saying, ‘I want to take classes and mentor.’”
A joint venture between ASU Enterprise Partners (University Realty), which manages Arizona State University’s real estate, and Pacific Retirement Services, the majority owner and operator, Mirabella has a service agreement with ASU that provides residents access to campus amenities and services, including classes, libraries, athletic and cultural events, and even tech support.
Residents also give back by serving in valued roles in the campus, including student mentors, professional teaching assistants, project coaches, start-up advisers, pitch coaches, panel judges, guest speakers, practice interviewers, thesis reviewers/advisers, practice audience members, standardized patients, citizen scientists, research participants, docents and volunteers.
What’s in it for universities?
Universities have “compelling” economic reasons to engage in university retirement communities, Beagley said. Those communities can provide additional revenue streams, enhance campus life with intergenerational engagement and leverage the expertise and resources of residents.
Demographic shifts also are affecting the traditional university model. Fertility rates are declining, meaning that fewer traditional-age students are entering universities, Beagley said. At the same time, the aging population is rapidly growing.
For institutions that rely on traditional, tuition-paying students, the financial strain is significant due to declining enrollment. Beagley said universities are scrambling to adapt and explore new strategies, recognizing the potential to engage older adults who don’t want a four-year credential but want pieces of what universities have to offer.
The model, she added, also provides opportunities for universities to build an affinity with people who will be there for five to 15 years — longer than most of their students will be on campus. This encourages connections and philanthropy through private and estate gifts, scholarships and other gifts to schools.
She recommends that senior living communities package what older adults need in an experience that resonates with who they believe they are. She also said that developing cross-sector partnerships to connect generations and expand experiences for residents — particularly around music/arts, culture, social impact/service and learning — are beneficial.
Also, she advised operators to identify valued post-career roles and identities in retirement that leverage older adults’ skills, experiences, education and interest. Look at what local college/university students need, and determine whether a community or residents have a way to meet that need and forge a partnership.
