Canadian Finance Minister Jim Flaherty is expected to announce that the age requirement to collect Old Age Security will rise from the current age of 65 to 67. In 2007, a 65-year-old male Canadian could expect to live to 83, five years longer than in 1967. OAS currently takes 2.41% of GDP. By comparison, Italy spends over 14%, up from 10% from a few years ago. It’s not likely the Canadian government will raise the retirement age immediately, but will probably be in place by 2024. In 1959, Canada recorded the highest number of births ever: 461,703. For the increase in pension age to achieve substantial cost savings, it will have to be in place when those 1959 babies turn 65 in 2024.
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