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Looking Ahead: State Pushing Seniors to Plan Retirement

Posted at: 11/01/2012 6:28 PM
Updated at: 11/15/2012 2:02 PM
By: Dayna Landgrebe

The aging population of baby boomers is so large in this country, but the state of Minnesota is asking them to put plans in place for retirement and beyond.

On Thursday, Lieutenant Gov. Yvonne Prettner Solon spoke to a group of mostly employers at the Duluth Area Chamber of Commerce. She's promoting a new program developed by the state called Own Your Future. The program has sent letters to every household in Minnesota that includes residents ages 45 to 60, letting them know about the program.

Prettner Solon said between 2010 and 2030, the senior population over the age of 65 will increase by 107 percent. In comparison, the rest of the population will increase by just six percent.

She said it's become more less common for family to care for aging seniors and more likely that people will pay for services like senior living.

"What were wanting to do is help people be prepared. We want people to have choices, to have a quality of life as they age and not suddenly find out they should have planned when they didn't," Prettner Solon said.

She said the outreach to Minnesota employers is, in part because she knows employers are vested in their employees welfare, but also because continued absences to care for family means a cut in productivity. She said employers have access to large groups of people, and can be a helpful resource on the Own Your Future program.

The program is a state-federal partnership and allows workplaces to encourage early research on long-term care options and retirement planning.

"If they want to have some choice and control and piece of mind about those later years, then people need to have some plans in place," she said.

For more information on the Own Your Future program, click here or call 1-800-333-2433.