The 2012 Federal budget has proposed delaying Old Age Security (OAS) payments to seniors from age 65 to age 67. These changes won’t take affect for 11 years and will be phased in over a 6 year time frame.
If you’re 54 or older as of March 31, 2012 (born prior to April 1, 1958) you won’t be affected by these proposed changes. If you’re born on or after February 1, 1962 you won’t receive OAS benefits until 67. And if you your birthday falls between April 1, 1958 and January 31, 1962 you will be part of the phase-in period.