Seniors
Courses specially designed for the boomer generation and our senior citizens can be very helpful when planning for a healthy retirement. Please contact Carol Fabbri (cfabbri@fairadvisors.org) for more information.
As the population of older adults increases in the coming years, senior citizens need to be prepared to handle greater demands and maximize resources. Financial literacy is quickly becoming an important aspect of aging. With the introduction of financial tools to support aging (i.e. reverse mortgages, long-term care insurance and other investments) many seniors make uninformed decisions and in the worst cases lose their assets.
Take for instance an impending problem for our baby boomer population:
According to The Bell Policy Center, Colorado is facing a long-term care crisis as a result of the state's aging demographic. Unless the state legislature explores new and less costly ways of financing long-term care support services, the impact on the state budget in upcoming years will be increasingly unmanageable.
[1] State Demography Office, Colorado’s Aging trends, Department of local Affairs March 2012, page 3
[2] Colorado Health Institute: Long-Term Services and Supports in Colorado, November 2011
[3] State Demography Office, Colorado’s Aging trends, Department of local Affairs March 2012
[4] Volunteers of America: “Boomer Bust 2011:Still Unprepared and Unaware”, April 2011, and population estimate in “Colorado Health Institute: Long-Term Services and Supports in Colorado, November 2011.
[5] University of Denver, Financing Colorado’s Future: An Analysis of the Fiscal Sustainability of State Government, August 31, 2011, Page 3.
As the population of older adults increases in the coming years, senior citizens need to be prepared to handle greater demands and maximize resources. Financial literacy is quickly becoming an important aspect of aging. With the introduction of financial tools to support aging (i.e. reverse mortgages, long-term care insurance and other investments) many seniors make uninformed decisions and in the worst cases lose their assets.
Take for instance an impending problem for our baby boomer population:
According to The Bell Policy Center, Colorado is facing a long-term care crisis as a result of the state's aging demographic. Unless the state legislature explores new and less costly ways of financing long-term care support services, the impact on the state budget in upcoming years will be increasingly unmanageable.
- Between 2010 and 2030, Colorado’s population
of those 65 years of age or older, will increase by 123%[1]
and account for over 18% of the state’s population[2]
- Baby boomers represented 37% percent of Colorado’s workforce in 2010. About 1 million of those Coloradans will exit the workforce in twenty years significantly affecting the state’s revenue base.[3]
- At some point in their lives, 70 to 75% of people over 65 will need some form of long term care.[4]
- The demand that population will place upon Medicaid will be substantial. The median annual rate for a semi-private room in a skilled nursing facility in Colorado is $73,730 or about $202 per day. Unfortunately, a significant portion of the baby boomer population will run out of money and will ultimately be reliant upon the Medicaid safety net.
- This will ultimately place great strain on Colorado’s budget. The budget for the Colorado Department of Health Care Policy and Financing (HCPF) is projected to triple between 2010 and 2025, from $1.8 billion to $5.5 billion annually in part due to the aging of the “Baby Boomer” generation[5].
[1] State Demography Office, Colorado’s Aging trends, Department of local Affairs March 2012, page 3
[2] Colorado Health Institute: Long-Term Services and Supports in Colorado, November 2011
[3] State Demography Office, Colorado’s Aging trends, Department of local Affairs March 2012
[4] Volunteers of America: “Boomer Bust 2011:Still Unprepared and Unaware”, April 2011, and population estimate in “Colorado Health Institute: Long-Term Services and Supports in Colorado, November 2011.
[5] University of Denver, Financing Colorado’s Future: An Analysis of the Fiscal Sustainability of State Government, August 31, 2011, Page 3.
