In this paper, we analyze the link between the age at which individuals start receiving their pension from the Québec Pension Plan (QPP) and their disposable income (after taxes) once retired. Despite the fact that many choose to begin receiving their pension early, we show that those who do so achieve a particularly high replacement rate in retirement in Quebec. Is it a good decision to take the pension early? We exploit a predictive mortality model estimated on tax data, incorporating the effects of the Guaranteed Income Supplement (GIS) on pension deferral. We show that the heterogeneity in life expectancy is not sufficient to financially justify taking the pension early. We also demonstrate that the financial benefit of deferring the pension is significantly affected by the recovery of the GIS, which impacts more than 40% of contributors. Despite this impact, the alternative return, measured by the observed average effective return on savings, remains low by comparison, even without adjusting for the increased risk in an alternative investment.