Retiring Baby Boomers Boost Washingtons Economy

Washington ranks 14^th in the nation in a measure of the number of senior citizens who are having a net positive impact on states economy, according to a new study released by SeniorLiving.org.

The study offers a snapshot of the impact of the so-called silver tsunami, or the wave of baby boomers heading into retirement, which will be on a steep incline over the next two decades. An estimated 21 percent of the U.S. population will be 65 years of age or older within 20 years, up from 15 percent today, according to a Brookings Institution analysis.

The SeniorLiving.org study notes that as America continues to gray, it is likely to present a serious economic crisis, as federal and state budgets are stretched to accommodate an increased population drawing public benefits like Social Security and Medicare.

The report assessed the relative economic net drain or net gain for each states senior population based on four variables: income, employment and poverty (for those 60 and older) and health care (for those 55 and older). The assessment found that Washington is in the net gain category, with 39 percent of its seniors having household incomes at or exceeding $60,000 (near the national median income), ranking 14^th among the states.

On the employment front, nearly 29 percent of the Washingtons seniors are employed, ranking 27^th; 55 percent rely on Medicare coverage, ranking 18^th among the states; and only 7 percent were receiving food stamps or other nutritional assistance, ranking 14^th.

Overall, 26 states were deemed to be in the net economic-drain category. Those that landed in the net gain category were primarily the states in the Northeast and West, the SeniorLiving.org study found, while states in the Midwest and South dominated the net economic-drain ranks.

In the West, ranking ahead of Washington in terms of seniors having a net positive economic impact on the economy are Alaska, first in the nation; Hawaii, ranked sixth; Colorado, seventh; California, 10^th; and Utah, 11^th. Nebraska was tied with Washington at 14^th.