I'm getting near "that age". What can someone tell me about how Social Security is taxed?

[progree]

16. Your benefit increases 8% for each year you delay UP TO AGE 70, *BUT*

DO NOT DELAY BEYOND AGE 70!!!

because you simply lose the benefits you could have collected and there is no more 8%/year increase for any more years of delay beyond age 70. E.g. someone who begins collecting at say 72 simply begins collecting at 72, the same amount they would have gotten if they started collecting at age 70. Except they collected nothing at age 70 and age 71. That's simply gone, never collected.

Whether you have earned income or not does not affect you at all after full retirement age. You can work and earn as much as you want after full retirement age without any reduction to your S.S. benefits. People born in 1943-1954 have a full retirement age of 66. For those born after 1954, see this -- https://www.ssa.gov/benefits/retirement/planner/agereduction.html

I'm not an expert, but I do know one thing for sure -- if you delay past age 70, you simply forfeit benefits.

I'm not sure exactly when one must apply to not miss out on any benefits, but its definitely not too soon to find out for sure . I'd hate to see you lose out. If you feel its no big deal, consider instead if you collected what you should have collected and donated to good causes and good candidates.

BTW people who collect benefits and work BEFORE full retirement age (but at or after age 62) and earn above the maximum don't lose any benefits either -- they are simply delayed until full retirement age.

https://www.ssa.gov/pubs/EN-05-10069.pdf

https://www.aarp.org/retirement/social-security/questions-answers/when-does-earnings-limit-expire.html