2006 State Report > Aging Trends > Opportunities
Aging Trends: Opportunities
With in-migrants coming to South Carolina in increasing numbers, South Carolina needs to address how we can best utilize this trend of more affluent mature adults coming to the state as a growth engine to offset the impact of the loss of manufacturing jobs due to globalization. This economic growth can help lessen the impact of our less fortunate seniors who will need services in the future.
- The Center for Carolina Living has conducted significant research on individuals and families in the relocation process. Of those inquiring for information on relocation, 43% are 50 and older based upon their surveys. According to the Center on Carolina Living these new in-migrants should bring an average of $800,000 to $1,000,000 in net worth prior to moving for retirement.
- Based upon a study conducted by Clemson University in 1998 (Consequences and Benefits Study) actual movers of all ages have annual household incomes of $110,000 per year. Recent surveys conducted by the Center for Carolina Living of pre-move households show annual incomes of $119,000 (2005 survey of 8,000-plus households).
- South Carolina ranked 5th in the nation for net in-migrants aged 60+ from 1995-2000 (U.S. Census and Dr. Charles Longino, Retirement Migration in America, 2005). Dr. Longino also reports that 40.3% of all 60+ households migrating to South Carolina in this time period had incomes greater than $50,000 annually, which was 6% higher than the national average of relocating retirees.
- Center for Carolina Living surveys indicate that in-migrants are highly educated with skills and expertise that will either create businesses on their own or help create new business through serving their needs.
- Based upon studies done by USC and the South Carolina Department of Parks, Recreation and Tourism in 1998, as well as studies done by the University of Arkansas, each new affluent household creates an economic impact ranging from a minimum of ½ of a new job statewide to 3.7 new jobs in rural areas.
- According to the Center for Carolina Living statistics, approximately 80% of new in-migrants of all ages have college degrees, and 14% move or start new businesses.
- Each new in-migrant household offers the opportunity for volunteering their experience and talents to various social and civic activities in their respective communities, thus helping to enrich and protect the local culture.
- A comprehensive study of in-migrating mature adults would address some people's concerns about what policy the State of South Carolina should take in encouraging affluent mature adults to come to South Carolina for retirement. Many studies indicate that the in-migration of mature adults represents a net economic benefit.