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The Role of the Elderly's Income in Rural Development

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  • Hoppe, Robert A.

Abstract

The elderly receive substantial property income (interest, dividends, and rent) and transfer payments (mostly from Government programs, such as Social Security), which, if spent locally, can create jobs and help stabilize local economies. Some rural development specialists advocate attracting older migrants to stimulate local economies. However, the elderly's property and transfer income is not a panacea for rural economic development. While elderly migrants have contributed to economic growth in some nonmetro areas, attracting them to stimulate rural economies is limited by the number of elderly of adequate means who are willing to move. Many elderly are poor, particularly in nonmetro areas. Providing the local elderly poor with services may be a more pressing issue for some nonmetro areas than attracting more elderly. Development strategies that rely on the income of the elderly must also consider the future of the Social Security Program, since it provides about a third of the elderly's income.

Suggested Citation

Handle: RePEc:ags:ersrdr:334347
DOI: 10.22004/ag.econ.334347
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