 | The seniors of SDSG can now choose to delay receiving their Old Age Security (OAS) pension for up to five years, allowing them to receive a higher monthly amount in the future. Guy Lauzon, Member of Parliament for Stormont-Dundas-South Glengarry, made the announcement today on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development. | |
Cornwall - July 4, 2013 - The seniors of SD & SG can now choose to delay receiving their Old Age Security (OAS) pension for up to five years, allowing them to receive a higher monthly amount in the future. Guy Lauzon, Member of Parliament for Stormont-Dundas-South Glengarry, made the announcement today on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development.
“Canadians, including the residents of SD & SG, are living longer, healthier lives and are increasingly working later in life,” said Lauzon, “Our government is taking action to give seniors more flexibility and choice, but also to ensure that the OAS program remains sustainable for future generations.”
As part of Budget 2012, the Government announced the new voluntary deferral option for the OAS, which will give more flexibility and choice in retirement planning to Canadians.
The OAS is funded through general tax revenues and is indexed to the Consumer Price Index. It enhances the quality of life of Canadian seniors by providing a modest base upon which to build additional income for retirement. In 2012-2013, it provided 5.2 million seniors with an estimated $40.4 billion in benefits.
As many factors can influence a person’s retirement plans, it is important to consider one’s personal situation when deciding whether to delay receiving the OAS pension.
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