When should you take social security? An article in US News explains the difference between taking SS early and late. Right now people are allowed to take social security at age 62 (early) or normal (66), or late (70). People can see their eligibility by looking at this SS page. Currently the age I'd need to be to get full benefits is 67, but I likely see that being pushed to 70 by the time I retire.
The article says people should delay taking SS because every year you wait, your benefit increases by 7%. That means if your investments aren't making 7%, you should use them up first then take SS. This is a good point.
The article also addresses how long you will live as being a deciding factor. According to the SS website the "breakeven point" is 77 years old if you wait until normal retirement age (66) or 80 years old if you wait until 70 to start collecting SS. So life expectancy does play a role in this decision.
Another key factor I think downplayed in the article is how long you will be working for. The article mentions that working part-time could cause a higher income and it would not be worth taking SS.
But I wonder, how many people have enough to really retire at 62 even with SS? What sort of medical insurance will they have until Medicare kicks in at 65? Many people nearing retirement age lack sufficient funds to retire.
Thus I wonder if retirement any early than 65 is even possible for most people? Thus it makes no sense to draw on SS while still working because combined with their working income, most people will just be paying SS back in taxes.
So consider this, unless you are able to fund your retirement completely at 62 without SS, I would not think about taking SS until your "normal" retirement age.