Wave of retirees could be an economic boost for Idaho

Economists call it the “silver tide.” They’re talking about the wave of retirees expected as the baby boomer generation enters retirement and Idaho stands to gain from this wave. Economists say it is all thanks to the fact that our dollar goes a bit farther.

“We have that low cost of living, which is a really big factor when it comes to retirement,” said Luke Erickson, an economist from the University of Idaho.

Erikson said the cost of living is a major concern for a lot of retirees. Many don’t have enough saved up and need to make their savings and social security checks last as long as possible. As the silver tide moves its way into Idaho, local business that cater to seniors stand to gain.

Erikson said the major industries that stand to benefit include: healthcare, real estate, tourism and even financial services. He said pretty much any business that provides services to seniors will see some kind of growth.

The one place that could see strain are the already tight budgeted senior centers. Many, like the Idaho Falls center, rely on donations to keep their bottom line in check.

“We home deliver approximately 200 hot meals every day Monday through Friday,” said Valisa Say, the executive director of the Idaho Falls Senior Center.

Say said the center has seen a 30 percent increase in home meal deliveries since last year and they expect that number to climb.

“It is a struggle for the seniors to donate to us, so we do rely heavily on community donations to help us keep our doors open, keep food in the fridge and keep our [delivery] vans running,” said Say.

The silver tide is expected to peak in the next 10 to 20 years.