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What the budget means for your retirement

Tags: Budget 2012

The federal budget followed through on a promise to reform Old Age Security, with workers eligible for OAS payments at 67 years of age rather than 65, beginning in 2023. Workers will also be allowed -- starting in the summer of next year -- to defer OAS payments if they want to continue working.

But BNN's Dale Jackson says that the most important point to take away from the budget is the absence of tax hikes.

"The point of your registered retirement savings plan is contribute when your taxes are high and withdraw when your taxes are low. If the government runs too big of a deficit and has to raise taxes between now and when we retire it will make that RRSP useless because we'll be paying the same amount of taxes," he says.

For full budget coverage click here CTV Two CTV News CTV News Channel BNN - Business News Network CP24