How this is calculated
For anyone born 1960 or later, claiming at 62 pays 70% of your full benefit; 67 pays 100%; 70 pays 124% (delayed credits of 8% per year). The chart accumulates each stream from its start age; where lines cross is the age at which waiting overtakes claiming early.
Reading your crossovers
The typical pattern: 62-vs-67 crosses in the late 70s, 67-vs-70 in the early 80s. Life expectancy for someone who has already reached 62 is roughly 84 for men and 86 for women - past both crossovers - which is why actuaries usually favor waiting if you can afford to. Claim early when health or family history argues a shorter horizon, when you need the cash, or when a survivor benefit is not in play.
What is deliberately left out
COLA raises all three streams by the same percentage, so it barely moves the crossovers - these are real (today's) dollars. Not modeled: spousal and survivor strategy (often the strongest reason to delay - the survivor keeps the LARGER benefit), taxes on benefits, the earnings test if you claim while working, and investing early benefits. A financial planner earns their fee on the spousal question.