Summarized from Wall Street Journal columnist Jonathan Clements (1/11/15):
"You’re better off claiming Social Security at 62."
Yes, if you assume an unrealistically high return on your investments and both you (and spouse) plan to die early. "But this is rather like buying homeowner’s insurance, then despairing
because your house didn’t burn down. The big financial risk in
retirement isn’t dying young. At that point, all your money problems are
over. Rather, the big risk is living longer than expected and
running through your savings. Want insurance against that risk? Go for
the fatter Social Security check."
Social Security provides the best, most affordable longevity insurance available. It is absolutely critical for financial security in later life that you investigate your options and compare claiming strategies before making a decision. And wives, whatever you do, don't let your husband claim early (more than 2/3 of retirees claim at age 62 thus locking in a reduced benefit for their own lives and for their spouse's life) without considering the consequences since wives typically outlive their husbands. Use this website to compare your options: https://www.maximizemysocialsecurity.com/
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