Business/Technology Reporter
Wages in Colorado are higher than neighboring states, but so is the cost of living and, likewise, the cost of aging.
That’s a critical issue that the Denver-based Next50 Foundation is so keen on addressing that it’s setting up a separate group to lobby for policies that support aging in the state.
“We’re seeding a nonprofit advocacy organization that’s going to be focused on affordable aging,” said Sydney Byer, senior manager for advocacy and external affairs at Next50, which funds efforts to create a world that values aging. “There’s an appetite to address the demographic shift in Colorado.”
That momentum is also coming from the state. The Colorado Department of Human Services released the state’s Multi-Sector Plan on Aging this summer and set goals to promote equitable health care, improve transportation for folks aging in place, better understand the economic impact of the state’s aging population and prioritize economic security of older Coloradans.
Gov. Jared Polis declared the week of Sept. 14 to 21 as Longevity Talent Week to highlight workforce programs assisting those 50 years and older.
And a week after that, the Colorado Commission on Aging along with the state’s Office of the Future of Work and the nonprofit iAging, will host four listening sessions starting Sept. 30 to get feedback on what it’s been like for older adults to work in Colorado, switch jobs, take a sabbatical or retire.
Register for listening sessions
“We want to find out more about the barriers older adults face in seeking a job, training and upskilling, connecting with employers, working, utilizing workforce centers, and more,” said Karen Brown, CEO of iAging, which aims to improve job opportunities for those 50 and older.
“Better understanding the barriers and stumbling blocks for 50+ would help in reviewing existing state resources and programs supporting older job seekers,” she said.
Rethinking work
Data shows that more Coloradans are working well past the age of 65, part of the state’s fastest growing age group in the labor force.
That’s also true for adults nationwide. The U.S. Bureau of Labor Statistics projects that adults 55 years and older will continue to see their rate of participation in the labor force increase between now and 2034, including those who are in their 70s and older, according to BLS data.
Brown is currently organizing a job fair for next year aimed at older adults looking for a new job or part-time work. She’s finding that older workers may not be aware of what’s possible. Resumes don’t have to be a timeline of a job seeker’s past employment.
There are also companies who want to retain older workers because of their knowledge and expertise, and are adopting part-time or transitional jobs to help someone ease into retirement.
“For those that have been working for the same company or in the same field for a long time, it is surprising that they often don’t realize all the skills they have developed that could be applied in multiple industries or in multiple jobs,” she said. “Likely because they haven’t been looking for a job for decades and are unaware of the shift to a focus on skills versus degrees and job titles, they don’t think of their marketability in that way.”
The cost of aging in Colorado
Byer also authored the Next50 report that was released in July, called “Aging at Altitude: Why it’s expensive to age in Colorado.”
The report found that nearly half of Colorado’s older adults live below the Elder Index, a measure of how much income is needed to meet basic needs of older adults. Housing costs in Colorado are 20% or more than the national average. Incomes of Coloradans 65 and older have grown by just 10% since 2010. On a fixed income, anyone will run out of options when health care, transportation, insurance and housing costs are rising higher than inflation.
But there’s not just one number on how much it actually costs to age in the state, Byer said.
“We know it’s expensive anecdotally because obviously as a funder, we understand that there’s a lot of need in the state,” Byer said. “I guess what was surprising is that it’s not so simple as a number. Aging is something that we all do but not everyone ages in the same way.”
However, she added, “addressing the cost should not be at an individual level. … (The) private sector, public sector and nonprofit sector haven’t kept pace with the needs of older adults.”
With that in mind, Next50 put a list of policy recommendations together, such as increase health care price transparency, use economic development to attract transportation to rural communities or create tax incentives for developers to incorporate universal design.
Over the summer, Next50’s board voted to endow a new 501(c)(3) to advocate for economic opportunities for older adults. The goal is to get it up and running by the end of the year.
“By Next50 infusing some investments into an advocacy 501(c)(3), that organization can really take on the work,” Byer said. “So five years from now, we can say X, Y and Z passed and now it’s a little bit more affordable for older adults.”
A Colorado Sun series. Read more.
Colorado is getting older, rapidly. Are we prepared? We’re taking a look at how these shifting demographics are affecting housing, the workforce and quality of life, and whether Colorado has the services needed for people to age in place.
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There’s already six openings posted on Mobius’ careers page, including a modeling and simulation basic analyst role that starts at $68,000 and an advanced one that pays between $115,000 to $142,000.
➔ Boulder city police agree to new labor contract. The city offered 4% pay increases. The Boulder Police Officers Association asked for 6%. They settled on a 4.75% pay raise for the local union’s 180 employees, which also means a ballot measure this fall is now averted.
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Before the option was available, CPW collected about $22.9 million a year from selling the $80 park passes, the Sun’s Jason Blevins reported in the weekly Outsider newsletter. >> Free peek at latest Outsider newsletter
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