Colorado’s aging population will have a profound impact on “virtually every Coloradan” over the next 14 years, according to a new report commissioned by state lawmakers.
Demographics across the country are shifting quickly, and several rapidly aging states finding themselves entirely unprepared to adapt to the pressures of growing senior populations.
Greater demand on Medicare and health services, less tax revenue from a shrinking workforce, and an uptick in the amount of state residents claiming certain tax exemptions are expected to create quite the long-term economic pickle for states already experiencing unprecedented senior population growth.
Among the states seeing the fastest increase in residents age 65 and older is Colorado, which saw a 53.8% increase between 2005 and 2015.
The Colorado Futures Center predicts within the next 14 years, Colorado will face serious challenges meeting the medical and state service needs of its senior residents, as well as the financial needs of care-giving family members.
In response, state lawmakers have united in a bipartisan effort to explore legislative options to improve programs and protections for seniors and educate aging Coloradoans about private saving and retirement preparation.