CPP
Most experts recommend delaying CPP as long as possible, ideally to age 70.
The data shows that most Canadians take it at 65 or earlier, with only a few % of Canadians delaying all the way to 70.
Many Canadians are worried that they will die young and that this will mean they won't get very much money in their pocket from not taking CPP early. If you look at the average life span in Canada, especially the average life span of those who are already age 60 or age 65, much more than half of Canadians will live past the age at which it would have been worth it to get CPP at age 70.
Also if you end up living much longer than average, delaying CPP is like an insurance policy that you'll live a long time.
Personally I'm planning to take CPP as late as possible because I like the idea of betting on myself to live long. I feel that taking CPP later can also be a motivating factor for me to increase my health now and in the future so I can live as long and as happy a life as possible.
What are your thoughts on CPP? When do you plan to take it? If you're taking it early, why are you doing this? If you're planning on delaying, what's your thought process there?
