Discussions

I know that this is dependant on a lot of factors but what is the consensus?

https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html

Take it now. We don't know what the future holds. So if we ever need to go to a nursing home. The home will see your income because of revenue Canada. So if your making lots or not so much money your nursing care is the same . Take it now. Spend your kids inheritance!!!

There was a couple of really informative articles in the Globe and Mail, written by a financial advisor, worth searching their site. Or, depending on your circumstances, it is worth discussing with a local financial advisor. From the feedback to the articles there are clear arguments for and against.

On your lifestyle, bill payments, etc. Do you have money socked away for your retirement....I can take mine out early but I would loose $300.00 monthly....I cannot afford to loose that kind of money....especially with the damn liberal government taxing us to death etc. but again it's a personal choice....sit down and figure out the pro's & con's.....

Take it at 60 the government is betting that you'll be dead by 65 .

because the total payout over time from CPP at age 60 versus age 65 were equal at age 78 for me. For me, the choice seemed obvious but as others have said it depends on your circumstances.

How long do you expect to live? No one knows this but there are factors like health issues, genetics (how long your parents and grandparents live) and lifestyle, do you expect to live until 75 or 105?  
 
Do you need it now?  
 
This kind of leads from if you need it or not but if you are still working and making money and living comfortably you may just be paying tax in a higher bracket when you don't need the money and will have less coming in when you retire and do need it and are also in a lower tax bracket.  
 
My dad did not take his because he was still working so it would have just caused higher taxes, he also is healthy and is from a very long living family so to me and in his view he was in the category where it makes sense to wait. That being said he is 65 and could be hit by a bus tommorrow and missed out on the last 5 years of payments, it's unlikely though. He also didn't need it so if he was out the money and dead tommorrow it wouldn't matter much to him I don't think, if he lives to 100 he wins big.  
 
That being said if a person was forced to give a one size fits all piece of advice to all Canadians imho it would be everyone take it at 60. Only the people that expect to live a long time and/or don't need the money are the exceptions I think.  
 
Please consider what you paid for my opinion before putting it to use in your own life, I gave it with good intentions but I am not a financial planner.

It seems to me the decision is a highly personal one depending on where one is sitting financial and health-wise at age 60. There are a couple of interesting reads on moneysense.ca that touch on this very topic.  
 
http://www.moneysense.ca/save/retirement/pensions/the-best-time-to-take-cpp-to-maximize-payouts/  
 
http://www.moneysense.ca/save/retirement/pensions/why-im-taking-old-age-security-right-at-65/