Making plans when it's time to downsize
There's no doubt about it - the nation's population is slowly increasing in age as the years move on.
Data published by the Australian Bureau of statistics back in 2010 compared the changes experienced by country's demographic makeup over the period of a decade.
The graphs and figures clearly show a distinctive bulge in people aged between 40 and 59 - indicating that there will soon be a large number of individuals heading towards retirement in the coming years.
For many families, the question becomes centred on how best to support parents and grandparents who are leaving the workforce.
A common decision is that retirees look to downsize their residential property assets - feeling that they no longer have the need for large premises.
This is not always an easy decision to make - the family home has a lot of memories attached to it and saying goodbye is not a choice that can be undone quickly.
That being said, some may find that the opportunity to purchase a cosy nest-egg outweighs the requirements of their current residence - having less space to clean means more time to pursue other activities.
Whichever decision is considered, it is important to make sure that the outcome fits both the needs and means of this new wave of retirees.