I plan on taking CPP at 70, for the same reasons. Not so sure about OAS, I'll probably take it at 65. CPP is something I and my company contributed to, so it's harder to change the rules or take it away. OAS is paid out of general tax revenues, so potentially more subject to government intervention, therefore taking it later may have more risks. Although the outcry from seniors means the govt will have difficulty making major changes to either.
But you can't make money out of thin air. Deferring CPP/OAS means taking a higher WR earlier, and a lower WR later when CPP/OAS or SS kick in.
This article by Michael Kitces articulates 3 reasons to defer taking SS as long as possible (It is an American article so refers to SS, but I think the same principles apply in Canada.)
https://www.kitces.com/blog/the-asymmetric-value-of-delaying-social-security-benefits-as-the-ultimate-hedge/Delaying provides the retiree with a higher portion of their spending later in life from sources that are indexed and guaranteed for life. Kitces states 3 benefits from this:
- Protection from outliving your money
- Protection from high inflation
- Protection from low market returns
I think if someone has enough indexed lifetime-guaranteed income from CPP/OAS/Indexed Pensions to support their non-discretionary expenses, then taking CPP at 60 is OK. But for people not in that fortunate situation, delaying CPP is a good way of minimizing the 3 risks that Kitces cites.