‘We’re not dead yet’: Baby boomers are bringing their hard-earned dollars to this fast-growing city in the U.S. Here’s why the wealthiest generation remains a group of consumers ‘who matter’

More than a quarter (27%) of those residents are 65 or older, according to the Wall Street Journal’s analysis of data from the United States Census Bureau.

The data, which analyzed cities with more than 50,000 residents, showed that Georgetown’s population increased by 11% in 2023, 14% in 2022 and 11% in 2021. Currently, about 17,000 of Georgetown’s 96,000 residents live in Sun City.

As a result, there’s been a significant surge in Georgetown’s economy, thanks to revenue from an abundance of senior-focused leisure activities, from golfing to local concerts.

“It’s like they’re at college, except they don’t have to go to class and they have $3 million in the bank,” Georgetown Mayor Josh Schroeder told the WSJ. “It’s almost like a cruise ship on land.”

How seniors are spending their money

The 65+ crowd made up 22% of national spending in 2022, according to the Labor Department’s survey of consumer expenditures.

“These are the consumers that will matter over the coming year,” Susan Sterne, chief economist at Economic Analysis Associates, told the WSJ in 2023. “Our large share of older consumers provides a consumption base in times like today when job growth slows, interest rates rise and student debt loan repayments begin again.”

While there are certainly some seniors who are concerned about how they’ll support themselves in their golden years, others are living it up now that their kids are out of the house and they’ve retired with plenty of money in the bank.

Set on 5,421 acres, the single-family homes of Sun City are surrounded by pools, pickleball courts and fitness centers. The annual Mardi Gras parade and ball is the “hottest party” in Georgetown. The median age of attendees is 73, the WSJ reported.

“We’re not dead yet,” resident Suzanne Herndon, 70, told the media outlet.

Where did all this money come from?

Boomers are widely considered the wealthiest generation in the country, with those over 55 owning a whopping 72% of wealth in the U.S (up from 50% in 1989), according to Federal Reserve data from Q3 2023.