It would be stupid to leave at 55 when the check at 62 would be bigger. Of course, we have idiots taking social security at 62 instead of regular retirement age. You can’t fix stupid!
There are some solid (non-idiot) reasons to take Social Security early.
The break-even point is around age 78. Only past 78 does waiting pay off more. Some folks would rather have less money earlier, while they’re still young enough to enjoy it. Travel, etc.
Others have to retire before 65, and take SS it early to avoid having to dip into IRAs for living expenses. I’m in this group.
As the old saying goes, your mileage may vary.
“Of course, we have idiots taking social security at 62 instead of regular retirement age. You can’t fix stupid!”
According to the .gov site the break even at the age of 82.
Most people die before that.
Also, the age of 82 assumes you spend the SS money. If invested, that breakeven age is pushed out even later.