How long will you live for?

It seems like we are living longer than ever before with the life expectancy at an all-time high.

Living to be over 100 is a realistc expectation for many Australians. Source: Getty Images

THE good news? We're living longer than ever before, with life expectancy rising to an all-time high.

The bad news? We may live to regret it, as our quality of life isn't increasing at the same rapid rate.

Not only will we be forced to work longer and save harder to support ourselves in old age but Australia will need thousands more aged care workers to cope.

In just 30 years time, the country will have more people aged over 60 than under 20, and more than 1.6 million people aged over 85.

In the past 40 years we have added a decade to our life expectancy.

A person born today can expect to live until an average age of 82, six years more than three decades ago.

Break it down further and, yes - women do get an extra few years, with men living until they're 79.9 compared to 84.3 for women.

Fast forward another 30 years and Aussies born in 2044 will face an average innings of 90 years — or 15 years longer than people born in 1984.

Our total population compared to those aged over 65, then and now. Graphic: McCrindle Research Source: Supplied

Based on current projections, and decade on decade growth, living until we're 100 could soon be the norm, and more of us will be getting letters from King George than he and his team of aides can keep up with.

In 1952, just 40 people received letters from the Queen, but by 2044, more than 18,500 of us will get a letter from the British Monarchy, if it still exists by then of course.

How our over 65 population will look in future. Graphic: McCrindle Research Source: Supplied

And while some of us will no doubt be happier our kids will be living longer than ever, we have to ask ourselves at what price?

That is the view of McCrindle research founder Mark McCrindle who warns that while our life expectancy looks great, the quality of our life might not be so rosy.

Not only will we face working longer to fund our retirement and health treatment, but we will need extra aged care workers and staff to support our ageing population.

Yep, these guys have got the right idea. Source: News Limited

"Our increases in longevity have not ceased, and if we go back just four decades we've added 10 years to our life expectancy," Mr McCrindle said.

"It has slowed down but it's not stopping, and by 2044 we will have more Australians over 60 than under 20.

"Our survival rates from cancer are increasing and we have fewer childhood deaths than ever.

"Of course there are biological limits as to how long we can live, but as life expectancy rates rise it won't be unusual for people to live until they're 100 by 2044."

He said the main concern was that people weren't living longer because they were necessarily fitter or healthier, but rather because of medical intervention.

Old age, illness? How will you die?

There's no doubt we are living longer than ever. Graphic: McCrindle Research Source: Supplied

Mr McCrindle said extra life expectancy also raised questions about our future lives as elderly people.

"Medical intervention can certainly help us live longer, but there are big questions around what quality of life will we actually have in those extra years," he said.

When Treasurer Joe Hockey announced the retirement age would rise to 70 from 2035, many Australians gasped in shock.

The qualifying age for the Age Pension is currently 65 and will rise to 67 by 2023, but the Commission of Audit recommended the qualifying age be linked to life expectancy and increase to 70 by 2053.

How our median age is set to rise. Graphic: McCrindle Research Source: Supplied

And yes, there's nothing wrong with your maths - Mr Hockey's suggestion was 20 years earlier than the commission recommended.

So will we be working longer, and is Mr Hockey onto something?

Mr McCrindle said it was certainly food for thought especially when you compared the median age of society, which had jumped 10 years to 40 in 2044, compared to 30 in 1984.

Back then Australia had more than 120,000 people aged over 85. Today, there are 455,000 plus or four times as many.

The numbers of over 85s is rising quickly. Graphic: McCrindle Research Source: Supplied

Fast forward to 2044 and Australia will have a staggering 1.65 million octogenarians.

"This will bring work, financial and other social challenges," Mr McCrindle said.

"Many will be better off financially, but we need to look at how to sustain that expectation."

More alarmingly there will be fewer workers compared to those retiring, which means we will need more people to help look after us, or rather our children.

For example, in 1970 there were 15 workers per retired couple, but by 2050 there will only be five.

Still unsure what this means?

According to McCrindle projections, Australia will need to add around 80,000 workers in the next 10 years to replace those who will be retiring.

This equates to 650 extra workers a month.

How many aged care workers Australia will need. Graphic: McCrindle Research Source: Supplied