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Susan Munroe

Changes to the Old Age Security Program

By November 30, 2012

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As the federal government tries to come to grips with changing demographics and cope with a horde of aging baby boomers, they've taken a stab at making changes to the Old Age Security (OAS) program.

Planning Your Pension Income

Changing the eligible age for Old Age Security from 65 to 67 doesn't sound quite so alarming when it's pushed back to 2023. The option for many baby boomers being able to choose pushing back getting their OAS pension for up to five years in exchange for a higher monthly pension cheque later will be a help for those who want to or need to work longer than a cut-off of 65. That begins in the middle of 2013. It's also about time that the government was able to proactively enrol many seniors as they become eligible for OAS without making everyone apply individually. That service is also supposed to start sometime in 2013, about the same time as federal government staff reductions are kicking in. It will be interesting to see how smoothly it all goes.

Photo: Yellow Dog Productions / Getty Images / Getty Images

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