No, this is not an April Fool’s joke.
Everyone under 54 will have to spend an extra two years in the workforce before they can cash in on their pension.
Yep, thanks to our federal government, the eligibility for Old Age Security is now 67.
Those close enough to retirement, born before April 1,1958, are exempt from the changes. But the rest of the working folks can tack on an extra two years to their countdown to the so-called golden era.
Of course retiring at 65 was never an option for some anyway. More and more people have come to the realization that they cannot afford to retire at that designated age, especially if they don’t have access to a work pension.
But for many, that number – 65 – symbolizes a goal that we are working tirelessly, day in and day out, to reach. We’ve already mapped out our futures based on that number. Because despite spending the majority of our lives at our jobs, work is only a slice of the pie of life. Therefore, many of us are looking forward to the days when we can fully enjoy life and cash in on our hard-earned 40 plus years of work.
Obviously the federal government needs to ensure the financial sustainability of the pension system, particularly given our aging demographics. But for those hoping to retire at 65, these changes have pushed their goals further out of reach.
The sad part is, some people may never see their hard-earned pensions because by the time they retire their life may actually expire.
Yes, some people are living longer these days, but there are still so many who will fall ill to disease, tragic accidents or bad habits.