host picture

Bookmark and Share

The future of retirement and Old Age Security

The federal government wants to reform the country's public pension system.

Prime Minister Stephen Harper first made mention of this on Friday. Speaking from Switzerland, Harper announced the system isn't sustainable.

He says the number of people over age 65 will increase from 6.7 million to 9.3 million over the next 18 years.

That means Old Age security payouts will increase from $36,000,000 to $108,000,000 by 2030.

One of the options on the table is raising the age to qualify for OAS from 65 to 67.

To understand more, Daybreak host Chris Walker reached Dan Albas, the conservative MP for Okanagan-Coquihalla.
Download Flash Player to view this content.

But economist Kevin Milligan says the math doesn't add up. Milligan teaches at UBC and specializes in pensions.
Download Flash Player to view this content.

Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Submission Policy

Note: The CBC does not necessarily endorse any of the views posted. By submitting your comments, you acknowledge that CBC has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that comments are moderated and published according to our submission guidelines.