There is no right or wrong answer....it depends entirely on your circumstances and longevity. If you will only have Social Security to retire on, you will need to wait until your full retirement age. In my case, my Mom never made it to 60 and my Dad died at 72 (began drawing at 62). You do take a hit by drawing at 62, but you also get COLA that will help. If you retire at 62 and draw $1500 per month, you'll have well over $90,000 by the time you're 67. If you wait till 67 to draw and die six months later, you lose. This is without even calculating the time value of money (a dollar today is worth more than a dollar five years from now)