When it comes to planning for retirement few of us think beyond the opportunity to travel and do all those things we’ve been putting off until we have more time and fewer responsibilities. It’s safe to say that moving into residential aged care is not on anyone’s bucket list. But as the population ages, it’s a possibility that few of us can ignore.
More than 3.6 million Australians, or 16 per cent of the population, are currently aged 65 and over.iThis is projected to grow to 22 per cent by 2061, or more than one in five.iiWe’re also living longer. The average Australian can expect to live into their 80siii, and many of us will live beyond 90.iv
That means more of us will need some form of aged care late in life. And as pressure grows on aged care service providers to cater for more people, the costs may rise.