Coloradans relying on 401(k) income face retirement challenges

By the numbers: People 65 and older account for about 12% of Denver County's population, per Census Bureau figures.

• Statewide, the senior population is expected to grow 47% by 2040, from 859,000 in 2020 to nearly 1.3 million older residents, according to a Georgetown Center for Retirement Initiatives report.

Yes, but: 41% of private sector employees in the state lack access to a retirement savings plan at work.

• 20% of Colorado seniors between 2018 and 2019 relied on their Social Security for at least 90% of their income, the report shows.

The big picture: For most retired Americans, many of whom left the workforce as long ago as the last century, guaranteed income still covers more than half of their total monthly spending.

• Today's retirees find themselves in a much more uncertain situation, with a host of spending needs — some foreseeable, some coming out of the blue — all having to be funded out of a volatile and unpredictable retirement portfolio.

• In a recent Goldman Sachs survey, 51% of retirees reported living on less than half the income they enjoyed pre-retirement.

What's next: Those numbers are certain to rise as guaranteed incomes make up an ever-smaller proportion of retirement income.

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