Should the minimum age to receive CPP be increased?
David Boisclair is executive director and Colin Busby is director of policy and outreach at the Retirement Savings Institute at HEC Montreal.
Given that many countries around the world are revising their public pensions to grapple with the challenges of baby boomers entering retirement, an issue under review is whether the minimum retirement age should be increased. After all, the U.S. is gradually increasing the social security retirement age, which is now 67 for those born in 1960 or later, and France is proposing to increase its minimum age to 64, which would be up from age 60 in 2011.
The main difference between public pensions in Canada and those abroad is how our governments in the 1990s addressed rising concerns about the ability to finance future benefits. Costs were to rise with demographics and contribution rates were set to increase substantially over a 30-year period. In response, the governments of Canada and Quebec agreed to raise CPP/QPP contribution rates and invest surplus funds not immediately needed to pay for benefits.
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