As pointed out, this can be a complex and individual matter. One issue that I was aware of in my own case was the number of years of contributions to CPP that I had made at the maximum level. Only 15% of the years between age 18 and 65 are eliminated in calculating what your benefit will be at age 65. Following university and the early years of my career I had already used up the 15% exclusion because my CPP contributions were very low. (Women with children under age 7 are given a longer exclusion). My point is this: How many people actually qualify for the maximum CPP amount by the time they reach age 60? In fact there are a great many who will qualify for far less owing to lower earnings and years out of the paid workforce.

Another factor to consider is taxation of the CPP benefits. If a person's other income is low then there can be a minimal effect on personal taxes or eligibility for income-based social benefits.