What if you had no need for your Social Security Income at all?
If you and your spouse have no need for the SS income or the assets you have saved to generate a cash flow because perhaps you have a large pension benefit that more than pays for your lifestyle, then that SS income possibly becomes discretionary investment capital.
Assuming you live to age 95 and the income was invested annually compounded at 5%.
Collecting $25,181 at age 62 would compound at age 95 to $2,116,895
Collecting $44,792 at age 70 would compound at age 95 to $2,244,685
In this example, if you never needed the funds and invested them at the same rate of return, and lived to age 95, it paid to wait. However, you would need to live until at least age 82 to have benefited from waiting. Once again, if either you or your spouse pass away prior to that, the lack of a survivor benefit on the lower income is a substantial difference.