What to do About Seniors' Benefits in Canada: the Case for letting Recipients Take Richer Payments Later

Abstract

Ottawa should move to reform seniors' benefits in the upcoming budget by letting recipients choose richer payments, later, from the Old Age Security and Guaranteed Income Supplement programs if they wish. In the report, the author says letting OAS and GIS recipients delay take-up and rewarding those who do could contain program costs over time in a way that is less stressful to recipients than raising the universal eligibility age, and less discouraging to work and saving than intensifying clawbacks. The report models the impact of such reform on payments to each age cohort after it reaches age 65. Because a new cohort turns 65 each year, and the cohorts are getting bigger, Robson calculates that the reform could help Ottawa's bottom line well into the future, alleviating the pressure of aging on government finances and Canada's economy.

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