Retirement Living
Funding your retirement lifestyle as well as preparing for the frailty years
Retirement Living Costs: How Much Is Enough?
A common question we get asked about preparing for retirement and retirement living is “how much is enough?”.
This, as you can imagine, is a hard question to answer because it is very personal. Generally, it will depend on the person's lifestyle aspirations, family commitments and health.
Retirement Living Landscape - a Snapshot
The statistics show people are waiting longer to go into retirement living. There are many reasons attributed to this, but one reason could be that more subsidised home care services are available for people over 65 years.
Key insights from the 2020 PwC Australia/Property Council Retirement Census, the biggest annual survey of the retirement living sector show:
- 64% of residents are female and 58% of units are occupied by a single resident;
- The average age of new residents is 75 years of age, while
- the average age of all residents is 81 years,
- 8-9 years average is the average time residents live in a village,
- There is a 261 day average from vacant possession to settlement,
- 90% of residents are choosing to pay in part, or in full, for home care services, pointing to a growing trend for residents to age-in-place and support their own lifestyle needs, rather than just rely on government-funded support.
Reference to the full report: campaign.propertycouncil.com.au/retirement-census-2019
"You need to be able to afford to go into a retirement living arrangement. It is important to do your numbers and do not over commit". Craig Phillips
