i am on LTD and in my booklet it says to report all settlements how thjis settlement does not cover any wages or future wages what do i do if i take the settlement and report it will manulife deduct from my monthly payments ? Should i hold it off till after i retire im 63 years old ?

You do have a duty to follow the terms of your policy. As to whether the settlement you're referring to is properly deductible from your LTD benefits, unfortunately I would have to review the terms of your specific policy (as well as the settlement release paperwork) before being able to provide you with such an opinion.