Australia’s population is ageing due to increasing life expectancy and declining fertility rates, which will put further pressure on retirement living and land lease operators to develop more age-appropriate accommodation.
Recent data, compiled by the Australian Institute of Health and Welfare (AIHW), shows that:
- At 30 June 2020, there were an estimated 4.2 million older Australians (aged 65 and over) with older people comprising 16% of the total Australian population.
- The number of older Australians has increased from 1.0 million (8.3% of the total population) in 1970 and 2.1 million (12%) in 1995.
- The number and percentage of older Australians is expected to continue to grow. By 2066, it is projected that older people in Australia will make up between 21% and 23% of the total population.
- For those aged 85 and over, the proportion has increased from 0.5% in 1970, to 1.1% in 1995, to 2.1% at 30 June 2020. The proportion is expected to continue to rise to between 3.6% and 4.4% in 2066.
With a shortage of available options, it means that is important to plan ahead for your retirement and consider where you may want to live when you retire.
Whether it’s a retirement village, land lease community or an apartment with additional services, doing your research now will save you and your family time and stress later on.