OAS Eligibility Changing to Age 67
The recent Federal Budget announced that the eligibility age for Old Age Security (and Guaranteed Income Supplement) will increase from 65 to 67. The change will be phased in over six years starting in April 2023. That means if you were born before April 1958, you won’t be affected by the change. But if you were born after January 1962, you have to wait until you’re 67. For the rest, the following table shows the age when you can start receiving OAS.
| Birth month | 1958 | 1959 | 1960 | 1961 | 1962 |
|---|---|---|---|---|---|
| January | Age 65 | 65 + 5 mo. | 65+11 mo. | 66 + 5 mo. | 66 + 11 mo. |
| February | Age 65 | 65 + 6 mo. | Age 66 | 66 + 6 mo. | Age 67 |
| March | Age 65 | 65 + 6 mo. | Age 66 | 66 + 6 mo. | Age 67 |
| April | 65 + 1 mo. | 65 + 7 mo. | 66 + 1 mo. | 66 + 7 mo. | Age 67 |
| May | 65 + 1 mo. | 65 + 7 mo. | 66 + 1 mo. | 66 + 7 mo. | Age 67 |
| June | 65 + 2 mo. | 65 + 8 mo. | 66 + 2 mo. | 66 + 8 mo. | Age 67 |
| July | 65 + 2 mo. | 65 + 8 mo. | 66 + 2 mo. | 66 + 8 mo. | Age 67 |
| August | 65 + 3 mo. | 65 + 9 mo. | 66 + 3 mo. | 66 + 9 mo. | Age 67 |
| September | 65 + 3 mo. | 65 + 9 mo. | 66 + 3 mo. | 66 + 9 mo. | Age 67 |
| October | 65 + 4 mo. | 65 + 10 mo. | 66 + 4 mo. | 66 + 10 mo. | Age 67 |
| November | 65 + 4 mo. | 65 + 10 mo. | 66 + 4 mo. | 66 + 10 mo. | Age 67 |
| December | 65 + 5 mo. | 65 + 11 mo. | 66 + 5 mo. | 66 + 11 mo. | Age 67 |
Source: http://www.servicecanada.gc.ca/eng/isp/oas/changes/index.shtml
So how much do you have to save to make up the difference? It depends on your age, the rate of return on your savings, and the inflation rate. For example, if you are 45 and your savings grow at the rate of inflation, you would have to save about $50 to $55 a month.
