Budget day: Canadians asked to delay retirement to age 67
The Conservative government will push Old Age Security benefits until age 67, according to a Globe and Mail report today. The delayed retirement is part of a budget that confirms Prime Minister Stephen Harper's plans for retirement reform.
The government has said that changes won’t affect current seniors or those nearing retirement. The OAS push-back is expected to be phased in gradually, creating a generational divide between Canadians who will receive the benefit at age 65 and other Canadians who will have to wait longer.
The issue is expected to stir controversy, since surveys find that Canadians have been saving increasingly less for retirement in recent years.
Watch for more reports on the budget, which will be delivered by Finance Minister Jim Flaherty around 4 p.m. Eastern Time in the House of Commons.