The chancellor told the BBC that, with the personal tax allowance being raised "rapidly", it would have eventually overtaken the over-65s allowance anyway.
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However, legislation is expected to be introduced before 2015 to allow couples to transfer part of their personal tax allowance to their partner.
In his fourth Budget as chancellor, Mr Osborne announced a package of measures, including a cut to corporation tax and an increase in the personal tax allowance.
Alongside that pain he's offered voters some gains - the cancellation of the next planned fuel duty rise and another small income tax cut by an increase in the personal tax allowance.
She said cuts in fuel duty, the freezing of council tax and increases in the level of personal tax allowance would help families, while the new Universal Credit would make three million households better off and help 80, 000 with childcare costs.
He also said the personal income tax allowance would rise in the Budget.
In the Budget, Mr Osborne announced an increase of VAT up to 20%, the freezing of child benefit and a rise in personal income tax allowance.
This is charged on a narrow band of savings above the personal allowance, so they will pay less tax because the personal allowance has gone up.
That 66.6% is very strange indeed because the tax free personal allowance is withdrawn in that income band.
Aligning employers' National Insurance floor with the personal allowance of income tax - announced March 1998.
But First Minister Alex Salmond, who has called for full fiscal powers for Scotland, said the proposals had been overtaken by the UK government's plan to pay for a rise in the income tax allowance with personal increases in National Insurance, under which money would go straight to the Treasury.
To the point that my idea that the personal allowance for income tax should be set, by law, at the full year full time minimum wage earnings will be in the manifestos of at least two political parties (likely, those who will come third and fourth, but you cannot have everything) at the next general election.
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The increased personal allowance will apply to all income for this tax year and so will be backdated to 6 April.
And his cuts to tax credits will dwarf any gain from the rise in personal allowance for millions of working families.
The net effect of these changes is that the tax liability of everyone that currently pays tax at 40 per cent will be unaffected by the increase in the personal allowance.
Patrick Stevens, tax partner at Ernst and Young, said that the 2014-15 change in the personal allowance was, in fact, not as large as previous years.
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