Retirement Strategy

Co-Chair – Chuck

Co-Chair – Donna


Strategy Statement

Currently, the demographics of Siler City trend toward a population that is young (70% < 45 years old), with low educational attainment and per capita income.  As such, it could potentially benefit from an infusion of a financially stable older population that would have disposable income.  Making Siler City a destination of interest for active adults over 50 would help to balance the demographics of the City and provide potential net cash inflow with low demands on new, tax revenue based infrastructure.  Specifically, the demographic of retirees that would be targeted are those who seek to live in a rural setting, but would have the amenities associated with larger cities within reasonable access.  Siler City’s selling point would be “live in the peaceful country and visit the attractions rather than live in the attractions and visit the country”.  Retirees in this demographic would likely value open space (preserving the natural beauty of Western Chatham county), be less inclined to require high-cost amenities such as high-end Country Clubs, large shopping centers, etc. and, thus, more inclined to spend their disposable income within Siler City, all the while creating a demand for up-graded amenities that that would be beneficial to all but are volume-dependent on a population with disposable income (e.g., better restaurants, more recreational opportunities, more diverse healthcare services, more specialty stores, etc.). Key to Siler City’s reputation and desirability as a preferred rural retirement community is building awareness with the target market.  This would be accomplished in two main steps (i.e., projects): (1) becoming a Certified Retirement Community (CRC), thereby establishing a credibility base on which to build the City’s reputation and (2), creating a retirement community website for Siler City that could be tracked (providing useful “needs” data) and would have linkages to other existing websites (e.g., the City’s, EDC’s, etc.).  These projects, in addition to a third project—a greenway, are discussed in greater detail below.  Ultimately, becoming a destination for a targeted population of retirees would help to make Siler City a more prosperous and vibrant community.