I'm 50 so I haven't really worried too much about SS yet...since my situation will undoubtedly be very different in 12 years than it is now. I however did a little comparison of the total payout year by year of SS if I were to take it at 62, 67 and 70 years old.
It is interesting that the crossover point where starting SS at 67 would have a total gross payout greater than if I started at 62 occurs after I am 76. If I compare 62 to may expected gross payout when I'm 70, that occurs when I am over 78.
But this doesn't take into account the growth of my investments I could leave in my accounts if I used the SS payments to fund expenses instead of withdrawing from investments. My SS payment at 62 is $21,252. If I leave that in my investments it will continue to grow.
Another way to look at it.. IF I live till 90, then the total payout from 62=$612,766, 67=$755,898, 70=$823,250.
Its not an easy or obvious decision... Lots to think about and it will depend on what my expenses are when I'm nearing 62. I've got some expensive plans for when I retire.
I'd love to hear more about how people made the decision one way or the other.