You permanently lock in the lower benefit when you draw your social security before your normal retirement date.
No one knows how long they are going to live, making the various calculations regarding "breakeven" points difficult.
You need to take an overall look at your financial situation (value of home, amount saved in retirement and non-retirement accounts, et) before making a final decision.
The "return" that you earn by waiting is HIGHER than the return you are earning on savings. That observation would say to use savings to support your lifestyle until you get closer to your normal retirement date at which time you draw your benefits.
WAIT.
