Attracting Retirees to Lawrence/Douglas County

Summary

A pending demographic shift is estimated to increase the number of Douglas County older adults by 38.6% from 2000-2030/ This places Douglas County among the top 5 counties in Kansas with the highest projected growth in the aging population..

Aging populations have captured the attention of policy-makers, economists, and planners at the global, national, and state levels.  It is inevitable that Douglas County will also feel the impact of an aging population that is growing in size. The Vantage Pointe Foundation, the Lawrence Chamber of Commerce and other community organizations have initiated steps to prepare for and capitalize on changes that will accompany this population trend. This foresight will ensure that Lawrence and Douglas County will be strengthened, not burdened, by these changes.

The 77 million baby boomers have been trendsetters throughout their lives, and their retirement choices are expected to be no different. Of the baby boomers who will retire annually for the next 18 years, economists predict at least 400,000 will relocate to another state each year. These retirees are especially likely to move to towns and small cities within driving distance of metropolitan areas. College communities, like Lawrence, are perfectly positioned to take advantage of this emerging retiree market. Other college communities (Ft. Collins, CO) have been very successful in marketing their communities to older adults and the results to the community have been very positive from both the economic and cultural standpoint.

The 50+ market is the fastest growing market sector and the wealthiest market sector in the country. This market controls half of the country’s discretionary income. Nationally, members of the 50+ market have:

· $35,000 average annual salary ($70,000 per couple)

· 77% of the country’s personal financial assets

· 80% of the savings deposits

· 68% of all money market accounts

· 50% of all corporate stocks

· 48% of all new domestic automobile purchases

Some of the benefits of attracting retirees to Douglas County could result in increases in the following sectors of the local economy:

· tax base (retail and property)

· bank deposit base and capital pool

· retail sales

· charitable contributions

· job creation

Communities that are prepared for and market to this age wave will benefit from the substantial civic, social and financial capital that older adults bring.