62 With $900,000. Should I Take CPP Now or Delay It?

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Choosing when to take CPP is one of the most important retirement decisions Canadians face — and it’s one that’s very hard to undo. If you’re 62 years old with around $900,000 saved, you’re likely asking whether it makes sense to take CPP as soon as possible or delay it for a larger payment later.

In this video, I walk through how CPP actually works, how early vs delayed CPP impacts your retirement income, and why this decision affects much more than just your monthly cheque. We look at how CPP timing connects to taxes, RRSP and RRIF withdrawals, longevity risk, and even future OAS clawbacks.

Many Canadians assume taking CPP early is always safer — or that waiting until 70 is always smarter. The reality is more nuanced. Depending on your health, income needs, tax situation, and retirement goals, the right CPP strategy can look very different.

If you’re trying to retire confidently with $900,000 and want to make sure your CPP decision supports your long-term plan — not works against it — this breakdown will help you understand the trade-offs clearly so you can make an informed decision.


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