Many people think they can rely on the age pension to provide them with an income in retirement. However, to ensure social security benefits are only paid to those in genuine need, the government uses strict assets and income tests to determine eligibility.

And, because we’re living longer and having fewer children, there will be proportionately fewer people in paid employment in the future. This means there will be less tax money to fund progressively more and more retirees.

The implication is that many people may not be eligible to receive social security benefits in retirement.