The issue of pension age has been a highly debated and evolving topic in Canada in recent years. Traditionally, the retirement age in Canada has been 65, with many Canadians planning their retirement around this milestone. However, as life expectancy continues to increase and the financial burden on the government’s pension program grows, the government has made changes to the pension age requirements.
In recent years, the Canadian government has gradually been increasing the pension age from 65 to 67. This change was put into effect in order to address the increasing costs of the pension program and the longer lifespans of Canadians. This means that those born in 1962 or later will not be eligible to receive government pension benefits until the age of 67.
While this change has been met with some resistance, it is a necessary step in ensuring the stability of the pension system and the financial security of retirees. It also aligns with the trend in most developed countries, where retirement age is increasing due to factors such as increased life expectancy, economic stability, and a shrinking workforce. It’s important for Canadians to understand the reasons behind this change and to plan their retirement accordingly.
Fortunately, the Canadian government has also introduced measures to help Canadians prepare for retirement at a later age. This includes pension contribution incentives and various retirement savings plans. It’s also important for individuals to take their own personal health and