Taking your Social Security benefit as soon as it is available to you will likely cost you a great deal of money. I say likely because if you die in the first few years of receiving those lovely monthly checks then you’ve gotten the most out of your account that is possible of course. But waiting until age 66 or even 70 to begin collecting Social Security will result in much larger checks! Take tax free income from housing wealth to fill the gap. It is a brilliant strategy! It is not effective or proficient at all for an eligible recipient to begin at age 62 because they are in need of income and just can’t wait if they have home equity that we can turn into tax free monthly payments. Please read an LA Times article that defines the difference here.