The right time to start collecting Social Security benefits is a function of one’s income stream, budget, retirement savings and anticipated longevity. Deferment of SS benefits beyond full retirement age results in an 8% per year increase to your benefit. Increasing life expectancies compel us to consider the potential risk of superannuation (outliving your money), which can be, at least partially, mitigated by deferring your benefit.
Sources: US Census, Social Security Benefits Planner

If you would like to estimate your Social Security benefits, SSA.gov provides some useful tools.