Changes in Australia’s Population are Foreseen, How does this Affect You?
In March, Treasurer of the Commonwealth of Australia, J. B. Hockey, published “The Intergenerational Report (IR)” which highlighted some significant – yet alarming – research & projections of changes in Australian demographics.
Over the coming 40 years, Australia’s population is expected to rise, consequently affecting the Australian economy and the changes in the future living standards.
How old will you be in 2055?
According to the IR, in the year 2054-55, 40,000 people are estimated to be aged over 100. This is a considerable increase in the Australian centenarians, from 122 in 1974-75 to over three hundred times that.
In 2011, records show that 200,000 Australians turned 65 years of age and according to researchers, between 2012 and 2020 another 5.4 million will join them. The IR also estimated that by 2055, 7 million Australians are projected to be aged 65 and over.
That’s not just it… By 2055, the number and proportion of Australians aged 85 and over will rise to around 2 million Australians, or around 5 percent of the population!
Let’s add this up: 7 million aged 65 – 84, plus 2 million Australians aged over 85. Hence, we are staring down the barrel of 9 million Australians aged over 65 in 2055. Almost 24% of our total population!!!
How will this affect you?
The structure of Australia’s population will continue to shift, which means Australians live longer and are likely to remain active longer. “Active ageing” offers opportunities for older citizens to take part in the workforce and community for longer and to look forward to more active and engaged retirement years. This significantly affects the demand for health and aged care services and retirement incomes, such as superannuation.
It is thus important to consider all these statistics because by the time you’re ready to retire the aged pension, it definitely won’t be what you expected.
For more information about the 2015 Intergenerational Report – Australia in 2055 you may visit this link http://bit.ly/1AOFO9I.
Worried of the upcoming years and how your future can be affected?
Speak to us about your plans and we will be happy to assist you!