Australians are living longer and we will witness a significant shift towards an older population in the coming decades. We’re now living well into our eighties and beyond. Those aged 65 and over will double, those 85 and over will triple, and centenarians are set to increase six-fold.
Julianne Parkinson, founding CEO of the Global Centre for Modern Ageing (GCMA), says we all have a role to play in creating the future, not just accepting it. Here, she explains what we need to do to plan for the changing needs of our growing older community.
Planning for our financial future
The Association of Superannuation Funds of Australia (ASFA) estimates that in 2023, for a modest retirement which includes basic private health insurance, budget haircuts, and one domestic trip a year, a couple or single person would need a lump sum of $100,000. This is assuming the couple or single person owns their home outright and receives the age pension.
With these numbers in mind, Julianne explains that when planning for our financial future, awareness is always at the start of the journey.
“Having tailored financial insights from earnings and investing, and mortgage management to budgeting techniques is invaluable,” she says, and this will become more important as we age.
“It will help develop comprehensive plans to consider mortgage income sources, such as savings and investment, and your lifestyle goals for lasting financial security.
“You should regularly reassess the financial plan yourself or with a financial adviser, especially in these changing economic times,” Julianne says.
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Working beyond 65
With a trend in people ‘unretiring’ – going back to work as they start to miss the sense of purpose and connectivity – older Aussies are savvy in upskilling.
“Many older adults are now turning to entrepreneurial ventures – creating new employment opportunities for themselves”, says Julianne.
“In fact, people over the age of 55 are among the fastest-growing groups of entrepreneurs. Partnering with a younger entrepreneur can bring added benefits.”
By leveraging the skills and experiences of older adults, businesses can tap into a valuable resource and drive innovation.
“Some people will be extensionists, where they continue doing something they’ve always done because they love it, or you might find people who are hobbyists.
“For example, if you’ve always enjoyed gardening, you might see opportunities at Bunnings,” she says.
Retirement living
A whopping 94 percent of Aussies over 65 are choosing to ‘age in place’, meaning there might be a need to update our current homes to allow us to stay in one place for longer.
For quality of life, ageing-in-place requirements include the need for a safe, suitable and stable home environment, financial security, social support, formal and informal care networks, and accessible healthcare services.
“I think the significance of home modifications – whether retrofitting, renovating or even new builds – is paramount for supporting ageing in place,” says Julianne.
These modifications can be stylish, rather than look clunky and medicalised, and can include enhanced accessibility features such as exterior ramps for walkers and wheelchairs, handrails for stability, and improved lighting to prevent falls.’
“Living close to essential services and amenities also contributes to a higher quality of life for older adults,” says Julianne.
She adds that the GCMA is committed to supporting older adults through more user-friendly products and services to enable them to live independently for longer.
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New technology
The adoption of technology is transforming ageing, enabling better connectivity, access to information and services, remote healthcare monitoring and social engagement opportunities.
“AgeTech is an emerging frontier poised to significantly support people as they age,” says Julianne.
This includes wearables to support healthy behaviours, voice-activated appliances, smart home cameras and sensors for safety and monitoring, reminder apps and smart pill dispensers.
“We need to involve older adults in the design from the beginning [so] they see the value and potential to enhance their daily wellbeing and quality of life” says Julianne.
