The potential for a lift to the official retirement age will be discussed at this weekend's 2020 Future Summit in Canberra.

The state of New South Wales is pushing for the retirement age to be lifted because of fears of a massive financial burden.

Premier Morris Iemma is reportedly hoping to take the issue to the summit this weekend, where he will discuss why he is backing he proposal.

A report handed down to the state says that without urgent action, New South Wales will be in debt $14 Billion each year by the year 2030.

Mr Iemma says one way to reverse this trend would be to increase the retirement age, and to have the Commonwealth get on board.

"The demographic challenge, especially its financial impact, is immense," Mr Iemma said.

"Closing that fiscal gap will require a sustained effort to keep government spending in check and, most importantly, a greater willingness by the Commonwealth to share its considerable resources with the states."

Australia has known it is facing an ageing population, with the biggest strain expected to be on the health system.