Canada’s seniors are getting some more money.
Yesterday the feds announced the highest quarterly adjustment to Old Age Security payments since 2014.
Canada’s Minister of Seniors, Deb Schulte also confirmed that her government will be providing a one-time $500 payment to seniors aged 75 and older during the week of August 16th.
Schulte says the reasons for helping older seniors are many.
She says many are living longer, are widowed and running out of their retirement savings because they did not expect to live as long.
She adds back in 1973, the average life expectancy was 73, in 2018 it was 82 and it is still going up.
Schulte adds the payment will come in automatically for those eligible by either cheque or direct deposit to help avoid scams.
PHOTOS: Seniors are getting a financial boost including a one-time $500 cheque from the feds. Photo provided by Miciealle Henderson – unsplash.com