The Canadian government has just made good on its 2021 budget promise. Starting last week, it permanently increased Old Age Security payments by 10 per cent for seniors age 75 and older, marking the first permanent increase to the OAS pension since 1973. Retiring Canadians can maximize this boost by delaying uptake of their OAS benefits, either by working longer or by using their savings to fund the delay.Why will the 10-per-cent boost help?Baby boomers – a quarter of Canada’s population – are moving into a retirement that will look vastly different from that of their parents, especially at older ages.With increasing longevity and fewer adult children to support them as they get older, more seniors will have to pay for care services as they age, either out of pocket or from the public purse. Strengthening retirement income security for the oldest demographic is a step in the right direction.
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