A secure and healthy retirement should be the reward for a life of hard work and contribution to family and community.
Those who enjoy financial security and good health in their senior years will remain active participants in the lives of their families and communities, experience fewer expensive health complications, remain self-reliant longer, and ultimately be most likely to pass resources (and therefore opportunity) on to future generations.
Those who are not financially secure or in good health in their senior years will suffer a greatly diminished quality of life. Many may have to delay retirement in order to meet their financial needs.
And rather than being able to leave resources to future generations, many seniors may have to rely on family or the public sector to meet their basic needs or to pay the high cost of health care or long-term care.
We have chosen four indicators to determine how well Coloradans are preparing for this final gateway in a life of opportunity.
Indicator 1: Colorado workers participating in workplace retirement
Payments from employer sponsored retirement plans are a potentially significant source of income for retirees.
Indicator 2: Financial soundness of Colorado-based pension plans
Pension benefits for Colorado retirees depend on the financial soundness of pension plans offered by private and public entities in Colorado.
Indicator 3: Retirement assets owned by families
Retirees can use assets in individual retirement accounts, Keogh plans and 401(k) plans to supplement income from pension plans and Social Security.
Indicator 4: Colorado seniors with long term care risk factors
The odds of suffering a disability or chronic illness that requires long term care increases with age and identifiable risk factors. This is a significant health risk for Colorado’s seniors and a potential drain on their retirement assets.
Read the whole chapter on Gateway 9:
A Financially Secure and Healthy Retirement in
Colorado: The State of Opportunity
2005 report (Gateway 9 was newly developed for the 2005 report)