Many individuals aged 55 to 64 are at the peak of their earning, contributing to local taxes and sometimes with plenty of discretionary income to spare on local businesses.
On average, 11.0 percent of the population in large cities, and an estimated 17.1 percent of households in this age bracket make $200,000 or more, earning the “high income” label, according to IRS standards.
But many people change their budget, lifestyle, and even location when they enter retirement — generally around age 65 — which may impact the local business demand mix and tax revenues alike…