Hartford Business Journal

16 Hartford Business Journal • April 20, 2015 www.HartfordBusiness.com Aging population poses opportunities, challenges for state's future By Gregory Seay gseay@HartfordBusiness.com C onnecticut, like the rest of America, is graying fast. That's obvious from the mounds of state and federal population surveys, studies and forecasts, including Census data showing a third of America's workforce is 50 or older. Since 2011, 10,000 Americans daily celebrate a 65th birthday, according to the Pew Research Center. By 2025, Connect- icut will be home to 1.3 million residents age 55 and older — 35 percent of the state's population, according to the CT Economic Resource Center (CERC). That assures Connecticut remains one of the top 10 oldest states in the country, a reality that has broad implications for business, gov- ernment, and education institutions, posing both opportunities and challenges that if not harnessed correctly could threaten the state's future economic competitiveness. The state and its public and private institu- tions must figure out not only how to care for and eventually replace its aging cohort, but also deal with five generations competing aggres- sively against each other for clean air and water, jobs, affordable housing, health care, energy and reliable access to transportation. The political upheaval in Washington and bud- get angst in Hartford are byproducts of this inter-generational tug-of-war, experts say. Meantime, Connecticut's residents 50 and older and their "silver tsunami'' cohorts nation- wide are rewriting America's generations-old narrative of what it means to retire, staying in their jobs longer or finding new ways to ply their skills and contribute to the economy/community. The impact of that trend will shape the future post-career expecta- tions for millions more young Americans, who like their parents, took cues about their work and post-career lives from their forbearers. For them, age 65 was the "stop" sign to a career. Not any more, say geriatricians and other experts on public health, human resources and workplace culture. "We can no longer as a country, or a state, view 65 as the day you're done working,'' said Nora Duncan, Connecticut chapter president of the American Association of Retired Persons (AARP). "Some people want to work. Some peo- ple don't. Age should not be the benchmark for retirement. It should be ability and desire.'' How gray is CT? Connecticut didn't gray overnight; it has taken decades and several generations for the trend to manifest. It is the seventh oldest state, according to 2011 Census data, in a New England region that also is the nation's eldest. Maine led, with a median age of 42.7; followed in descending order by Vermont (41.5); West Virginia (41.3); New Hampshire (41.1); Florida (40.7); Pennsylvania (40.1); and Connecticut (40). In 2010, one in three, or 34 percent of Con- necticut's residents were 50 and older, up from just over one in four, or 28.3 percent, in 1980, according to CERC data. The state's industrial base was once a magnet for the northward migration of citi- zens from the South and immigrants who arrived before and just after World War II to toil in Connecticut's factories and work its tobacco and other agricultural lands. At least two generations, including Baby Boom- ers, have sprung from those settlers. The relatively good pay and benefits yield- ed a living standard that fostered a higher percentage of Connecticut homeownership and other lifestyle perks than most of America. It also wid- ened the education and career gateway for their offspring, some of whom stayed to work and raise a family here and are now at or near retirement age. It is that feature that has turned out to be a double-edged sword for an aging Con- necticut. In more recent years, stagnant job growth and the attraction of major cities nearby, increasingly led younger residents to pursue education, training, and jobs out- side the state. As a result, its relatively small population of 3.5 million has not only shrunk but aged due to the falling ratio of residents under 25, now down to 32 percent in 2010 from 39 percent in 1980, CERC data show. The benefits and drains of Connecticut's aging population are mixed. Manufactur- ing, by far the oldest employment sector in the state, with its workers' average age over 50, and other sectors, including state govern- ment, are already grappling with workforce shortages. Older workers, too, were among the most vulnerable to losing their jobs dur- ing the Great Recession, with many of them still under- or unemployed. Older citizens also need greater access to health care, public transit and related support services at a time when federal and state budgets are constrained. But instead of seeing Connecticut's aging glass as half UNAMI SILVER S Connecticut's Quick Facts 26.9% of Connecticut's population — 960,000 people — are Baby Boomers (born 1946–1964) and will turn 65 in the next 18 years. S O U R C E : C O N N E C T I C U T ' S L E G I S L A T I V E C O M M I S S I O N O N A G I N G ( F R O M T H E 2 0 1 0 U S C E N S U S ) CREC's Office for Regional Efficiencies can provide cost- savings assessments and services in the following areas: • Business and financial services • Construction • Cooperative purchasing • Energy management and conservation • Facilities management • Food services • Fund procurement • Human resources • Information technology • Custodial and maintenance • Safety and security • School improvement and reorganization • Special education • Transportation management For more information, contact Mary Glassman at 860-240-6619, or mglassman@crec.org. You can also visit www.crec.org/core. Promoting Regional Collaboration to Achieve Savings Register for CREC's Schools and Municipalities Achieving Renewable Technologies (SMART) Energy Conferences. May 12 • May 14 Registration is free. To register, visit www.crec.org/core.

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