But the question is, where will this money come from?
Our exclusive Newspoll survey has found some surprising results about who should pay when the baby boomers start retiring.
Possibly the most controversial issue of modern day Australia is how we're going to fund retirement. When the super runs out, should the current pension scheme be ripped up and children forced to fork out for their parents retirement?More stories from Today Tonight
Australia is getting old fast - in 30 years one in four of the population will be 65 and over. And we're living longer as well - an average of four more years: 79 for males and 84 for women.
And that's putting the pressure on Super, pension, healthcare and housing. The Federal Government acknowledges it's the greatest economic challenge facing the country, and something or someone has to give.
Social commentator Prue McSween says most Australians are grossly underprepared for life after work, with an average nest egg of just $200,000 - well short of the $600,000 to $800,000 needed to live comfortably in later life.
"We are facing an aged care crisis. What we have to understand is that there is not enough money. Older people have not been providing for themselves. If they tried to, they're taxed to the eyeballs by the Government. So the younger generation are going to have to pay," McSween said.
"We have this incredible welfare mentality in this country that the Government will bail us out. Well guess what? There ain't no more money in the coffers anymore."
Today Tonight commissioned Australia's leading research company Newspoll to ask whether you believe a child should be forced to pay the pension for their parents.
The current aged pension is $712 for singles and $1073 for couples a fortnight. Let's say you had to substitute that by 25 per cent, you'd have to find $178 for singles. If it was 50 per cent, you'd have to find $356.
You could be forced to swallow a $1072 bitter pill a month to help fund mum and dad in their retirement.
What may come as a shock to many is that, according to Newspoll, young people are more willing to be the bread winners for their parents' twilight years.
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