Most people take their social security when they “retire” and in many cases, this is not the most optimal strategy. Social security provides an 8% annual increase in benefits each year after full retirement age. This plan was developed when people were not living as long as they are today and when interest rates were higher and therefore is an excellent deal today. Below is an article that explains this in more detail:
Please keep in mind that the best decision for each individual is based on their unique circumstances. It is much more complex than one would think. When you incorporate this decision as a part of a comprehensive financial planning process, the correct strategy becomes clearer and making the decision becomes easier.