Based upon the individual,
that could be a big mistake. Did the basic math a while back about starting to collect at 62 vs 66 - and it made more sense to start taking a lesser (not that much) amount then, rather than wait until 66. The math said I would have to live to about 74-75 to see any benefit by waiting later . .and THAT is not taking into account the present day value of the dollar, versus inflation. Another consideration was . .will there even BE any $$ in the SS system when I do turn 66 ? !
The individual needs to look at 'family history' -IE: 'longevity', and personal medical history -and roll the dice about how many years beyond 74 do you think you you might be around to collect if you wait until 66? How many over 75, former 'back side of the clock' freighter dogs are there? I don't know.
THEN, like KRONAN, above, I stumbled upon this:
Paying Back Social Security: Does It Make Sense?
. . and formulated the following plan: If you get to age 70, with good health and no 'issues' and 'feel' like you can stick it out to the next milestone (and EVEN if you can't) I am going to write a check to the gummint from the Home Equity loan for the about $136,000+/- (the estimated amount collected from SS for the 8 years between 62 & 70) -at that point, it WAS, after all, a no interest loan of your own money from the government for those 8 years -and start collecting the higher monthly SS benefit for the rest of my life.
A 'tax write off' has been created due to the use of funds from the Equity Line 2nd on the house -a 30 year amortized note, which I am paying off on an accelerated rate now anyway -AND there is no 'stress' worrying if you can make it to the 'break even' point down the road because the 'estate' gets to worry about paying off the loan. . . OR continuing to benefit from the tax write off on the interest. It might even be paid off by then anyway, due to the accelerated principle pay down every month.
JJ -with your known 'health issues' (no dig), I would give a serious look at starting to collect at age 62. .I think they just recently announced a 5% COLA starting this, or next month. Take the money now, while the dollar is still worth something. . . and then look at it again at age 70.
P.S.: Another consideration is the overall financial situation and the desperation the Politicians will apply to 'solutions'. WHAT if they 'raise' the 'retirement age' before you have a chance to put in to start collecting?? 'Get while the getting is good' is a good motto in these circumstances.