Social Security is based on the 35 highest earning years of your life. If you are over 60 and at the height of your earning potential then keep going and save as much as you can. Even Social Security website tells you to save because you can not live on your benefits.
SSA data shows that most retirees earn USD 700 to USD 1,800 per month (2015). With rents in some cities starting at $1000 a month, you can not live on this amount. But if this is all you have you can make it work (more information on that is coming ).
If you look at your Social Security account online you will see amounts for taking your benefits at 62, 66 or 70. There is a "penalty" for taking it at 62 but if you do the math it doesn't make sense to wait. Check out this example
At 62, I can draw $1474 a month. At 66, I can draw $1924 a month. A $450 a month difference. 4 years at $1474 a month is $70,752 total. Divided by the "extra" $450 a month I would receive by waiting equals over 157 months or over 13 years to recoup the $70,752 that I did not take early. Making me 79 when I finally recoup the $70,752 that I waited on by holding off to age 66. REALLY?
The Social Security administration is banking literally on you dying before 66.
If you take benefits before 66 you are able to earn $17,640 at a job without losing of benefits. If you go over $17,640 you lose $1 in benefits for every $2 you go over the limit.