OAS Benefits Will Increase in 2023

Old Age Security recipients will receive more on January 27, 2023, due to inflation indexing. But just how much more is more complex these days: it depends on your age – those over age 75 receive 10% more - and whether you have postponed receiving OAS to age 70.  Here are the benefit amounts to watch for:

Scenario A: If OAS started at age 65 and you are under age 75:

Scenario B:  If OAS started at age 65 and you are age 75 or older:

Scenario C:  If OAS is deferred to age 70 and you are under age 75:

OAS Benefits Received - Calendar Year 2022 - Summary

* Note that the first seniors who delayed receiving OAS benefits will reach age 75 in July 2023.

Bottom Line:  It can be expected for 2023, that OAS Security benefits will rise each quarter, as inflation peaked at 8.1%[1] in June.  That’s because OAS payment rates are adjusted quarterly based on the consumer price index for the quarter beginning five months prior to the beginning of the current quarter, to the consumer price index for the quarter beginning eight months before the current quarter.  If the factor is negative, no adjustment is made.