According to recent research by the Bank of America Merrill Lynch, by 2020 there will be more people aged of 65 years old than children under the age of 5 living around the world. Experts are pointing to increases in life expectancy and falling fertility rates as the root cause of this.

As of 2014 the percentage of Australia’s population aged over 65 was just short of 15%, but judging by Bank of America’s research this number is likely to increase in the next few years.

In light of this, I believe the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) provides investors with a number of great investment opportunities today. These two shares in particular have caught my eye.

Aveo Group (ASX: AOG)

Aveo Group is not strictly a retirement accommodation provider, but has been investing heavily in its retirement business. It recently acquired Freedom Aged Care which meant the addition of 1,004 units in 15 retirement village communities across Australia.

Furthermore, there is a lot of room for expansion, with a development pipeline of 533 units according to management. Its retirement village segment accounted for just under 32% of its full year revenue, but I would expect this to ramp up considerably over the next few years.

The company is just about to start construction on what will become Australia’s largest fully integrated seniors’ village in Springfield, Queensland. This is a long-term project which will eventually have 2,500 dwellings and should keep the company’s bottom line growing for the next decade at least, in my opinion.

Regis Healthcare Ltd (ASX: REG)

Regis Healthcare is another provider of aged care services. This year its share price has dropped down by around 14% which could make for a great entry point today.

The company had 5,088 places in operation throughout its 47 facilities when it last reported, with plans to expand by 102 places in the second half through its Brownfield redevelopment. Additionally, the company recently announced that it is contracted to purchase the assets of Masonic Care Queensland for $163 million.

Management has advised that the Masonic portfolio to be acquired is comprised of 711 operational places at six aged-care facilities across four locations. This could prove to be a nice boost to its earnings growth in the future, and I believe will create a good return on investment.

Regis Healthcare’s shares have come under a fair bit of selling pressure so far this year, but those patient enough to hold on for the long-term could find a lot of value here. I feel Regis Healthcare is positioned well for long-term growth fuelled by increasing levels of people aged over 65.

Although both Aveo and Regis Healthcare are expected to pay dividends this year, I don't expect them to provide anywhere near as great a yield as these three fantastic dividend shares. If dividends are what you're looking for then I believe these could be for you.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.