I stand by the decision that we made on seniors 75 and older, because I think older seniors are more financially challenged. They are more worried about outliving their savings, and as they age, seniors face more health issues. Their health care expenses rise due to illness or disability. In fact, on average, the out-of-pocket health expenses of those aged 80 and over are over $700 a year higher than for those aged 65 to 74.
At the same time, most older seniors can no longer supplement their income with paid work, with few seniors working beyond 75. Passing spouses adds to that pressure. Among seniors, almost twice as many over the age of 75 are likely to be widows or widowers. With women living longer on average than men, it's no wonder that many senior women slip into poverty after losing their life partners.
I think our OAS increase, as we have done it, has strengthened the financial security, I'm told, of 3.3 million seniors, the majority of whom are women. sncmfnrht