Eighty percent of Old Age Security pensioners earn more than $60,000 a year, new data show. Payouts include pensions to retirees with six-figure incomes, according to figures tabled in Parliament.

“The retirement of the baby boomers reaching age 65 over the next few decades is projected to increase the expenditures of the Old Age Security program,” Canada’s Chief Actuary Assia Billig earlier wrote in an Actuarial Report On The Old Age Security Program. Costs of Old Age Security and the Guaranteed Income Supplement are projected to reach $123 billion a year by 2034.

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