There has been an ongoing debate as to when
to start taking Social Security, as early as age 62, as late as age 70 or sometime in between.
Here's an article from The Retirement Manifesto
that details the debate: https://theretirementmanifesto.com/should-you-take-social-security-at-age-62-or-70/
I use the author's SS numbers to create a strategy that take SS at 62, but not for income. The SS benefit is instead invested over the next 8 years (until age 70). I create (4) investment options (investment allocations) that attempts to achieve a 3%, 6%, or 10% or an all cash return.
My strategy takes Social Security at age 62 and letting those payments accumulate for eight years...the time frame between age 62 and 70. This allows eight years of accumulated Social Security payments creating a "SS nest egg" . At age 70, this accumulated "SS nest egg" then can provide a withdrawal strategy that would equal the differential of the higher SS payout. If one were to die early this SS nest egg acts like a life an insurance policy for a spouse or other beneficiary.
The main reason this strategy seems optimal to me is that Social Security has no cash value upon death. By collecting SS at age 62.... as early as possible.... one secures at least those payments while waiting to start SS at age 70. I would rather start accumulating payments while waiting to reach age 70 and invest
rather than purely waiting until age 70.
Achieving a average return above 5% would be optimal for this strategy. Here a look at the numbers: