The news regarding the goodbye to retirement at 65 for Canadian seniors has been making headlines with predictions that the age of retirement may be posted at 67. At present the Canada Pension Plan, which is known as CPP, starts giving the benefits at the age of 65.
The news of goodbye to retirement at 65 for Canadian seniors is making an uncertainty among seniors who are depending upon these benefits and planning their future finances. Along with this, the other benefits programs, such as Old Age Security, which begins once an individual reaches 65.
Goodbye To Retirement At 65 For Canadian Seniors
The report regarding the goodbye to retirement at 65 for Canadian seniors creates many concerns among them, and they become uncertain how they can plan for their retirement, as most of them fully rely on it. Despite this, it is crucial to understand that they are merely predictions and no official statement has been passed.
Not any official statement from the Canada Revenue Agency or any federal authorities that confirms that the retirement age has been increased and the goodbye to retirement at 65 for Canadian seniors hold true. So, the seniors are encouraged to not assume this as a fact until the official notice is being made.
Canada Retirement Age Overview
| Department | Canada Revenue Agency (CRA) |
| Managed By | Federal Government of Canada |
| Programs | OAS, CPP, GIS |
| Country | Canada |
| Rumored Change | Retirement age increase from 65 to 67 |
| Current Rule | OAS & GIS at 65, CPP flexible 60-70 |
| Proposed Start | No official date (speculation only) |
| Beneficiaries | Canadian seniors, CPP claimants |
| Category | Canada Finance |
| Official Website | https://www.canada.ca/ |
Retirement Age Could Change to 67
The recent or ongoing discussion indicates that the retirement benefits will no longer be available at the age of 65, with the possibility that the shift will take place at 67. Although, this news is mere projections and not any official decision or confirmation by the federal authorities.
If any such changes come into effect, it would mainly affect those individuals who are relying on OAS, while on the other side, the CPP recipients would be least impacted. Under CPP, the Canadians can collect the claim anytime between the age window of 60 to 70, which gives more flexibility in comparison to the OAS.
How OAS and CPP Retirement Benefits Work
The Canadian government provides seniors with Old Age Security (OAS) and Canada Pension Plan (CPP) benefits, which currently begin at age 65; however, some reports suggest that the OAS age may increase to 67, pending confirmation:
- The CPP benefits remain flexible, which allows the individuals to access them early at 60, or they can claim them late until 70.
- OAS, which is traditionally fixed at 65, shows no changes and comes with no flexible options.
- The speculations suggest that the OAS eligibility may push the age to 67 in the upcoming years.
- A shift to 67, if implemented, would mean seniors have to go through a 2-year waiting period.
- Only the OAS and GIS recipients are likely to be affected, while CPP remains unimpacted.
- No official updates regarding the retirement age changes have been released by the CRA.
New Projections for Goodbye to Retirement at 65
The CRA has been providing sustainable income support to Canadians mainly with the help of their recent programs such as CPP and OAS, both of which commence at 65. While CPP comes with flexibility, OAS is still fixed at 65:
- CPP is more inclined towards retirement benefit; on the other hand, OAS is linked with the monthly income security.
- Presently, both the payments for the OAS and CPP can be accessed when a senior reaches 65.
- CPP comes with the flexible choice that the early benefits can be available at 60, while it can be late to claim until 70.
- OAS remains fixed at 65, but the discussion suggests that it may extend to 67.
- If this change happens, then the seniors might miss two years of their payments or support.
- These updates are just speculations and not confirmed reports by CRA.
Possible Change to Canada’s Retirement Age
The ongoing speculation about raising the retirement age in Canada from 65 to 67 causes significant concern among seniors, and they are uncertain about how this potential change impact them.
As of now the Canada Pension Plan offers flexibility, while OAS is still fixed at the age bracket of 65. While this is a speculation and no proposed change has been made by the officials. It’s better to rely on the official updates rather than believing the news circulating on online platforms.
FAQs
Is the retirement age of 67 in Canada confirmed or just a speculation?
No official announcement and still speculative.
What are the benefits that might be affected if there were to be any changes in the retirement age?
The OAS and GIS applicants might see some changes while CPP is still flexible.
Does the CPP claim age also shifts to 67 if changes happen?
No CPP remains unaffected, allowing claims regardless of this news.
