Originally published: Downsizing, 24 May 2024
94 per cent of Australians aged 18 to 54 are concerned or extremely concerned about the cost of aged care and almost half of those (44.6 per cent) are aged 18 to 34yo, new research from Aware Super has found*.
With the average cost for an accommodation deposit in an aged care facility sitting around $470,000^, this biggest retirement expense, usually arriving decades after finishing work, needs to be planned long before retirement, but is missed by many working Australians.
As the cost of living rises and Australia’s population ages, Jacki Ellis, Head of Retirement at Aware Super, says the need to engage with your super, to plan for the entirety of retirement, is imperative.
*Aware facilitated research through Pureprofile, January 2024.
