The Canadian government has recently released news of changes to the retirement age for Canadian workers. As of January 1st, 2022, the retirement age will be increased from 65 to 67 years of age. This change will affect those born after 1962, with the full impact being felt by those born in 1977 and onwards. This announcement has caused mixed reactions among Canadians, with some welcoming the extended working years as a way to save more for retirement, while others are concerned about the impact on their financial stability in their later years.
The decision to increase the retirement age was made as a response to the growing aging population in Canada and the strain it is placing on social services and pension plans. The Canadian government believes that this change will help to alleviate this strain and ensure the sustainability of pension plans for the future. However, critics argue that this decision does not take into account the physical demands of certain jobs and the impact on those in manual labor professions who may have trouble working until 67 years of age.
These changes also come alongside other pension-related news, such as an increase in the contribution limit for Registered Retirement Savings Plans (RRSPs) and the implementation of the Canada Pension Plan (CPP) enhancement. It is important for Canadians to stay informed about these changes and how they may affect their retirement plans. Planning ahead and seeking
