Moving the goalposts for those over 65–on Canada Pension Plan (CPP) and Old Age Security (OAS) seems to be one of those prickly calibrations that hasn’t exactly taken the mob to the street in protest. Well not yet, like in France a while back. And don’t forget the Guaranteed Income Supplement (GIS) for those on low incomes.
If you’ve been asleep, there’s been consistent discussion on moving the goalposts from 65 to 67 for some time (as one segment of the nation’s budget considerations). But as James Flaherty, Canada’s Finance Minister said recently around this subject, “…we haven’t chosen a path”.
It’s obvious with the aging demographics, for western countries such as Canada, something will have to give as we go about financing longevity. It’s finding a balance between short term agro and long term sensibility. I suppose if you’re 24, not 64, moving the goal posts may not have the same immediate impact, but in the long run it’s your future too 24 – what do you think?
Not everyone has the financial plan that integrates comfortably with the CPP and OAS collection age. From direct knowledge of the thin financial lines of others, moving the goalposts right now would make life a lot more challenging. One thing we can’t forget is that our lifetimes in general continue to increase. This prickly calibration exercise won’t go away. I suggest you set up Google alerts on this subject just to keep pace as we find our “chosen path”.