Baby boomers will become eligible for the aged pension next week. The Australian will soon face the financial difficulties for this reason.

With this change there will be increase in number of workers retiring. Also, an increase will be recorded in extra health care for oldies of Australia.

"Not only will the baby boomers demand more from the tax base, but they will also be coming out of the workforce and will stop paying tax. It is a demographic tsunami, building up … then crashing ashore”, said Demographer Bernard Salt.

Currently, 13% of Australians are 65 years of age which will expectedly increase to 25% in 2047.