The upside to waiting until age 70 to take CPP benefits

Someone retiring at sixty-five is torn about CPP: take it right away, as friends and coworkers have, or hold off. Allan makes the case that the decision really comes down to two things, how long you expect to live and what your savings can earn, rather than the instinct to grab the money early. Because the monthly amount grows for every year you wait, holding out to seventy produces a noticeably larger, inflation-adjusted cheque that keeps paying for life, which is valuable protection if you live a long time. He also explains the idea of using RRSP savings to bridge the gap in the early retirement years so the larger pension can be unlocked later. It is most relevant to healthy retirees with enough savings to carry themselves for a few years before the bigger benefit kicks in.