In 2015, Colorado is largely unprepared for a huge demographic shift that is coming our way. The largest generation in American history has begun to retire, and its members will live longer in retirement than ever before. In 25 years, almost 20 percent of Colorado’s population will be older than 65, and the number of Coloradans older than 80 will triple.

If trends continue, the effects of our aging population may overwhelm families and communities and stretch the capacity of government agencies and nonprofit organizations to the breaking point. But if Colorado can plan effectively and make wise decisions, we can protect our quality of life and our state’s economic wellbeing. The choice is ours.

We believe the aging of the Baby Boomer generation can be a blessing rather than a curse – and that our state is on the right path with the creation this year of the Strategic Action Planning Group on Aging. The planning group was established by the General Assembly to make Colorado the first state in the nation with a long-term, comprehensive strategy for navigating this uncharted future.

As one of 23 members of the planning group – selected by the governor for multi-disciplinary public- and private-sector expertise – I believe our work starts with a sober understanding of what exactly we face.

No single issue represents a broader challenge to the state of Colorado and its residents. The aging of Colorado’s population will impact our economy, state and local government revenues and spending, health care use (including long-term services and supports), family economic security, housing, transportation and more.

Consider this: In 2013, only 45 percent of Coloradans in their prime working years had access to any type of retirement savings plan at work. The median retirement account balance among all households ages 55 to 64 was only $14,500. If we don’t find a way to help Coloradans save more for retirement, the so-called golden years will be anything but that for many, and the financial burden will fall increasingly on their families and on public services as they age.

Or consider this: Most seniors want to stay in their homes as long as possible – and we know that the longer they can do so, the lower the costs to them, their families and taxpayers. But often an easily overlooked issue – such as access to adequate transportation options when one can no longer drive safely – determines whether an otherwise healthy senior can continue to live at home or must move into much higher-cost institutional care.

Financial insecurity of seniors and boomers will also have a serious impact on federal and state programs for aging and elderly populations. Most notably, Medicaid – the joint federal-state health care program – will bear the burden of long-term care for seniors after they exhaust their own financial resources. The Colorado Futures Center at CSU projects this will be the main factor driving a rapid increase in Medicaid costs over the next several decades. But, unlike other states, Colorado has constitutional restrictions that limit our ability to compensate for greater funding demands.

Solving these and the many other challenges we face requires serious attention to the data, a clear appreciation for the wide range of institutions and sectors of society that are affected, and a commitment to take the long-term view and to reach for comprehensive solutions.

By November 2016, the planning group will report our findings to the governor and the General Assembly and recommend concrete, viable solutions.

Finding and implementing solutions won’t be easy. But if we do it right, our work will not only lead to a more positive future for all the people of Colorado, but it can also serve as a model nationwide. Let’s choose to be prepared – and to lead.

Wade Buchanan is president of the Bell Policy Center and serves on the executive committee of the Strategic Action Planning Group on Aging.