Raising the retirement age: Consider it a done deal – The Globe and Mail

Job Market Monitor

If Stephen Harper was to announce tomorrow that the age at which people will be eligible for Old Age Security was going to increase to 67 in the year 2025, who would protest?

Not the over 50s: they’ll still be able to start claiming at 65 as planned.

Not many of the under 50s, either. Some under-50s won’t protest because they can’t be bothered. It’s not worth fighting to get a few thousand dollars of Old Age Security payments a couple of decades from now.

Other under-50s won’t protest because they believe an increase in the pension age won’t affect them: people who enjoy their jobs, and plan on working until 67 in any event; high income people, who would have to repay any Old Age Security anyway.

An increase in the OAS eligibility age might also be accompanied by an increase in the age at which RRSPs must be converted to RRIFs, or an easing of the RRIF withdrawal rules, bolstering support for a change in the pension age.

Source: theglobeandmail.com

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