AGED CARE

In 2017, there were 3.8 million Australians aged 65 and over (comprising 15% of the total population) —increasing from 319,000 (5%) in 1927 and 1.3 million (9%) in 1977 . The number and proportion of older Australians is expected to continue to grow. By 2057, it is projected there will be 8.8 million older people in Australia (22% of the population); by 2097, 12.8 million people (25%) will be aged 65 and over.

As a society we are somewhat unprepared for this demographic shift, and many find the rules relating to this area complex, confusing and at times overwhelming. At a time when stress levels are already high for families, decisions have to be made that can have a major impact on emotional and financial positions.

Our view is that it is never too early to plan for aged care. We believe that the best time to consider your aged care funding options is early in retirement, when you still have the opportunity and flexibility to take up a range of investment options.

To find out more about Accrue Financial Services, please contact us.

Source: Australian Institute of Health and Welfare (AIHW) 2018, Older Australia at a glance.