There will always be situations where, even if you understand the advantages of delaying benefits, you simply cannot wait 3 to 8 years without the additional income provided by Social Security. Here are a few situations where it likely makes sense to take early benefits at age 62, despite the fact that it will cost you money in the long run.
It doesn’t help you to earn more benefits later if you can’t afford to pay your bills today. You should always prioritize your immediate needs (housing, food and transportation) before worrying about investment returns. You wouldn’t starve yourself to add money to a savings account, and Social Security is a form of retirement savings. The bottom line is you need food and shelter first, so if that is a concern then go ahead and claim your benefits early.