The CPP Take-Up Decision: Risks and Opportunities
This article attempts to explain the debate regarding the optimal age to initiate CPP retirement payments. As you may know, Canadians can initiate their CPP retirement pension as early as age 60 or as late as age 65; with actuarial adjustments made to reflect the difference in the number of years that the benefit is received. This white paper, produced by the Canadian Institute of Actuaries, demonstrates that the majority of Canadians would benefit from deferring their CPP pension onset to age 70 and drawing from RRSPs/RRIFs in the interim. I would encourage you to read the white paper, or its Executive Summary at the very least, in advance of making the decision for yourself.
