A by-the-numbers look at current, future spending on old age security

OTTAWA – The chief actuary’s latest report on the future costs for the federal government’s largest seniors benefit program, old age security, is painting a new picture of spending on the program between now and 2060. Here are a few numbers to keep in mind:

5.8 million: Number of old age security recipients this calendar year

9.3 million: Number of old age security recipients in 2030

$52.2 billion: Projected old age security spending this year

$104.3 billion: Projected old age security spending in 2030

$246.5 billion: Projected old age security spending in 2060

21: Average number of years a senior today will receive old age security benefits

24: Average number of years a senior will receive old age security benefits in 2060 due to a boost in life expectancy

3.2: Old age security spending as a percentage of the overall economy in 2031

2.7: Spending as a percentage of the overall economy in 2060, levels similar to what was seen in the early 1990s.

$3 billion: Savings expected in 2060 as a result of an expansion to the Canada Pension Plan