Colorado Baby Boomers Amanda K. Belles

Baby Boomers in General: Demographic bulge Demographic bulge Post-WWII Post-WWII “special generation” “special generation” More educated More educated “liberal” “liberal” Free spirited Free spirited Experimental Experimental Sexual freedom Sexual freedom Shockwave Shockwave Individualism Individualism Social cause oriented Social cause oriented Rock and Roll Rock and Roll

Forever altered American culture: Assassinations: JFK, MLK Jr. Robert Kennedy, Malcolm X Assassinations: JFK, MLK Jr. Robert Kennedy, Malcolm X Man on the moon Man on the moon Vietnam draft/War/protests Vietnam draft/War/protests Roe v. Wade Roe v. Wade Civil Rights Movement Civil Rights Movement Stonewall Riots Stonewall Riots Women’s Movement Women’s Movement Environmental Movement Environmental Movement Woodstock Woodstock Beatles Beatles Jimi Hendrix Jimi Hendrix

2011

Colorado Baby Boomers 500,000 adults born between ; leading edge of the generation 500,000 adults born between ; leading edge of the generation 33% of Metro Denver population born between ; U.S. Baby Boomer Capital 33% of Metro Denver population born between ; U.S. Baby Boomer Capital None of this accounts for the boomers planning on moving to Colorado None of this accounts for the boomers planning on moving to Colorado Loveland, Colorado Loveland, Colorado

Focus Area #1: Workforce Rose Community Foundation study: Rose Community Foundation study: 55 to 65 year-olds in Metro Denver not planning to retire 55 to 65 year-olds in Metro Denver not planning to retire Planning to Retire in next 10 years: Planning to Retire in next 10 years: 23.3% African-American 23.3% African-American 33% Latino 33% Latino 37% Caucasian 37% Caucasian Past 3 years, 55 years and older have landed nearly 3 million jobs Past 3 years, 55 years and older have landed nearly 3 million jobs

Focus Area #1: Workforce NEGATIVE Reasons for not retiring: NEGATIVE Reasons for not retiring: Inadequate retirement savings Inadequate retirement savings Cuts in pension and health benefits Cuts in pension and health benefits POSITIVE Reasons for not retiring: POSITIVE Reasons for not retiring: Staying active Staying active Want to start their own business Want to start their own business Helps provide for travel and leisure activities Helps provide for travel and leisure activities

Focus Area #1: Workforce Problems/Issues: Problems/Issues: Age Discrimination in the Workplace Age Discrimination in the Workplace Lack of resources to assist baby boomers as they strive to continue in the workforce Lack of resources to assist baby boomers as they strive to continue in the workforce

Focus Area #1: Workforce Positives in Colorado: Positives in Colorado: 2005 – American Association of Retired Persons award two Colorado employers as “best employers for workers over age 50” 2005 – American Association of Retired Persons award two Colorado employers as “best employers for workers over age 50” University of Colorado Hospital Authority University of Colorado Hospital Authority Pinnacol Assurance Pinnacol Assurance Resources Available for Boomers Resources Available for Boomers The Boomer Group – Denver The Boomer Group – Denver “What’s Next Career Transition Services” division “What’s Next Career Transition Services” division

Focus Area #2: Housing Baby Boomers are redefining housing when it comes to retirement Baby Boomers are redefining housing when it comes to retirement No on the cookie-cutter approach No on the cookie-cutter approach No to moving to beach and warm weather communities No to moving to beach and warm weather communities Yes to areas with tax incentives, health care options, property values Yes to areas with tax incentives, health care options, property values Yes to amenities that are tech-ready, have home offices, big kitchens, and storage space Yes to amenities that are tech-ready, have home offices, big kitchens, and storage space

Focus Area #2: Housing Colorado = “the new beach front property” Colorado = “the new beach front property” Colorado Boomers are not moving, but staying to be close to family and friends Colorado Boomers are not moving, but staying to be close to family and friends Loveland, Colorado Loveland, Colorado #1 on the America’s Top Places for Boomers to retire #1 on the America’s Top Places for Boomers to retire “small town feel, with big opportunities” “small town feel, with big opportunities” Denver Regional Council of Governments study: Denver Regional Council of Governments study: : Age 65+ population in Colorado increased over 20% : Age 65+ population in Colorado increased over 20% predictions: Age 65+ population in Colorado will increase by 130% predictions: Age 65+ population in Colorado will increase by 130%

Focus Area #2: Housing Problems/Issues: Problems/Issues: Not enough senior-type housing to meet the needs of the predicted number of baby boomers in Colorado over the next ten years Not enough senior-type housing to meet the needs of the predicted number of baby boomers in Colorado over the next ten years Adequate housing with adequate amenities Adequate housing with adequate amenities

Focus Area #3: Health Care Shortage of health care professionals Shortage of health care professionals World Health Organization: “a chronic shortage of 4 million college trained health care workers in 57 countries” World Health Organization: “a chronic shortage of 4 million college trained health care workers in 57 countries” U.S. Bureau of Labor Statistics: baby boomers in need of health care will be at least 10 million in next ten years U.S. Bureau of Labor Statistics: baby boomers in need of health care will be at least 10 million in next ten years 2016: health care jobs in demand will rise by 22% 2016: health care jobs in demand will rise by 22%

Focus Area #3: Health Care Shortage (continued): Shortage (continued): Over the next decade: Over the next decade: Boomer population – increase by 36% Boomer population – increase by 36% College-aged/health care population – increase by 2.9% College-aged/health care population – increase by 2.9% American Association of Colleges of Nursing: American Association of Colleges of Nursing: By 2020: 44 states will face a nurse shortage By 2020: 44 states will face a nurse shortage Between : elderly caregivers will decrease by 40% Between : elderly caregivers will decrease by 40%

Focus Area #3: Health Care Other related issues: Other related issues: Medicaid: Medicaid: By 2009: Medicaid costs were at a high $2.6 billion By 2009: Medicaid costs were at a high $2.6 billion Costs for Medicaid continue to rapidly be on the rise Costs for Medicaid continue to rapidly be on the rise Seniors, Disabled, Low-Income populations Seniors, Disabled, Low-Income populations

Focus Area #3: Health Care What Colorado is Doing: What Colorado is Doing: HB (Sen. Boyd & Rep. Riesberg)*** HB (Sen. Boyd & Rep. Riesberg)*** Implement two studies focused on possible cost savings that could potentially translate into more resources/services for seniors Implement two studies focused on possible cost savings that could potentially translate into more resources/services for seniors Study cost-effectiveness of waiver programs that would provide services to specific Medicaid-related communities Study cost-effectiveness of waiver programs that would provide services to specific Medicaid-related communities Require Colorado Department of Human Services (CDHS) to hire a firm to focus on the cost- effectiveness of the “Older Coloradans Act programs” – which serve 60+ in various capacities Require Colorado Department of Human Services (CDHS) to hire a firm to focus on the cost- effectiveness of the “Older Coloradans Act programs” – which serve 60+ in various capacities

Recommendations for Future CO Leaders Workforce: Workforce: More training services available – The Boomer Group More training services available – The Boomer Group Curbing Age Discrimination Curbing Age Discrimination Housing: Housing: More adequate senior housing/retirement communities More adequate senior housing/retirement communities More Senior focused amenities More Senior focused amenities Health Care: Health Care: More health care professionals – incentives More health care professionals – incentives Funding for Medicaid – HB Funding for Medicaid – HB

Recommendations Disclaimer I realize these proposed recommendations will absolutely cost more money, money that currently and will not be available for years to come due to the economic situation. HOWEVER, they at least initiate the much needed conversation about what needs to be done to meet the currently unknown needs of the baby boomer generation over the next decade.

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