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Financial Planner for Investors Group Swift Current, Chris Martens

One of the major initiatives in the budget was a change in Old Age Security. It's a long term change that will see the collection age move from 65 to 67.

Financial Planner for Investors Group Swift Current, Chris Martens said it won't impact you if you're 54 or older by the end of March, “Those born after February 1, 1962 it will affect them as they will have an eligibility age of 67. But folks born between April 1, 1958 and January 31, 1962, they'll be part of the phasing period and they have an eligibility period between 65 and 67.”

Martens adds OAS is a fairly small component of many people's financial plans, but it is worth talking to your adviser to see if the change will impact you, “As far as the effect it could change it by up to two years. If you have a financial plan that's been created with no emergency funds in it then yes it could change it that you'll have to work an extra two years.”

Shawn Mullin Interviewing Financial Planner Chris Martens