April 2018 – Most retirees say their biggest fear is outliving their money. You wouldn’t know it from the way they convert their savings into income. Retirees are loath to take advantage of certain strategies that would guarantee them substantial income for life. Few like the idea of buying an annuity and fewer still wait until 70 to begin collecting their CPP benefits. The most likely reason may be that an even greater fear lurks beneath the surface: the fear that they will leave money on the table in the event of early death. Unfortunately, acting on that second fear doesn’t always lead to the best outcome. There is always the possibility of leaving money on the table no matter what you do. It can happen if you delay CPP until 70 and die young, and it can also happen if you take CPP early and die much later on. Just remember that the odds of dying young could be smaller than you might think. If you start CPP early and live an average lifetime, you’re leaving more money on the table than you think. Unless you have very good reason to think your own situation is special, it is probably better to start your CPP at 70.