How Seniors Can Leave a Legacy in the “Marketplace of Wisdom”
In the last decade or so, Merrill Lynch Wealth Management and Age Wave, a consulting firm specializing in issues related to aging, have co-launched a variety of studies to learn more about the goals, attitudes, and desires of today’s retirees. In a 2013 study, one of the most commonly expressed wishes among seniors was a yearning to leave a legacy—and not just of the real estate or monetary kind. 75% of respondents said that it was important for them to be able to pass along their values and life lessons.
The fact that seniors have a wealth of knowledge and experience to share has not been lost on academia and industry. The Kenan-Flagler Business School at the University of North Carolina has developed a program called “Pass the Torch” for companies to use in order to ensure that seniors approaching retirement are able to effectively transfer what they know.
Across the world, a variety of different organizations have established programs that allow seniors to pass along their skills and mentor students both young and old through talks, workshops and classes. One such enterprise, “The Amazings,” established in the U.K. in 2012, has been billed as “a marketplace for wisdom,” providing the opportunity to learn from seniors about a broad range of topics—everything from guitar playing to gardening, chess, and, yes, even nuclear physics.
At North Oaks, we too actively support our residents’ desire to experience the rewards of leaving a legacy by offering a variety of volunteer opportunities in the Pikesville and greater Baltimore communities, as well as the chance to serve on a range of resident committees here on campus. It’s all part of our HealthyLife® Services, a complete program designed to create opportunities for residents in four essential life enrichment categories: fitness, nutrition, active life and well-being.
Of course, many seniors also find leaving a financial legacy to benefit their family or charity of choice to be incredibly rewarding as well. At North Oaks, we can help facilitate that desire through our Return-of-Capital® Plan which refunds no less than 90% of the original entrance payment to the resident–or to his or her estate–no matter how long the resident stays in our community.
If you would like to learn more about our how our Return of Capital Plan works, or other ways in which the activities, services and amenities of North Oaks support the lifestyles and desires of our residents, please contact us at 410-486-9090.