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Diane Finley

Retirement income 'steps' coming in budget, Finley says

Diane Finley 24%

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The federal government is continuing to slowly reveal its changes to Canada's retirement income system, with Human Resources Minister Diane Finley making a major speech Tuesday but providing no new details to Canadians clamouring for information.

Finley confirmed what Finance Minister Jim Flaherty said earlier this month: there will be more details in the 2012 budget, but any changes won't affect anyone who's 65 and over now.

The budget is expected to come sometime in March, but Flaherty hasn't announced a date yet.

The government has also said the changes won't affect anyone eligible for Old Age Security in the next few years.

In her speech, Finley outlined the problems of an aging population and fewer workers in relation to the number of retired Canadians.

In 2011, there were about four working Canadians for every retired Canadian. By 2030, it will be a wo to one ratio. At the same time, Canadians are living four years longer than they did in 1970.

 

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by Laura Payton

 

Source: cbc.ca


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