A more probable ROI in the RRIF would make the CPP delay look less compelling.
Here's my strategy:
1) My wife and I take CPP at 60 - we retired in our 50s - we get 10 years of CPP to invest / spend instead of other investment income.
2) Invest the CPP money (or invest the unspent savings income, however you want to look at it)
- max out our TFSAs, with the rest in a standard investment account.
- using this strategy, based on a 6% return, I calculate a net worth benefit until well into our mid-80's.
- after that, net worth is negatively impacted, but not dramatically
3) Use the TFSAs as supplemental medical and long term care funds, if needed
- do not buy supplemental medical insurance or long term care insurance - a further net worth improvement, if the funds are not required
4) With the first death, the surviving spouse's CPP will increase, restoring the CPP reduction caused by taking it early - a little life insurance for the surviving spouse