Veteran fund manager Geoff Wilson has blasted Labor for "moving the goal posts" on retirees and warned that investors might pile into property, which would put more pressure on housing affordability.

"You've got an 80-year-old in retirement who survives on the cash flow that they get from their superannuation and then all of a sudden, if Labor gets to government, that income will drop," Mr Wilson said after Labor announced a plan to scrap refundable franking credits.