As the baby boomers continue to retire, the proportion of working Canadians will also decline.
old age security
The one-time payment to seniors will cost an estimated $2.5 billion.
By 2047, the costs of OAS and GIS will increase by an estimated 47 per cent.
The Trudeau government’s policy reversal will cost an estimated additional $10.4 billion in 2030.
Health-care costs are expected to increase by 57 per cent by 2045.
Reversing course and raising the age of eligibility for retirement benefits to 67 from 65 would be politically costly, but it makes eminent sense when one considers the aging of our population.
This sea change in labour-force behaviour of older workers was completely unanticipated by research into pension adequacy.