As the average age of retiring workers is increasing, there is a call for the payout from retirement income programs to come at a later age than 65. If Canadians work longer, they can save up for a larger retirement income. Actuaries are suggesting that the retirement age be raised to 67 for pension plan payouts and Old age Security payout pushed to age 67 to 75 before benefits are paid.

“Canadians are living longer than ever, and many are choosing to work beyond age 65. It makes sense to update our country’s retirement income programs to reflect this fact.”

Read more: https://www.bnnbloomberg.ca/canada-s-actuaries-urge-governments-to-raise-retirement-age-1.1244550