MONEY MATTERS: What is the best age to retire to get the most from social security?
Can I continue to work and draw social security or will I be penalized for that?
It depends when you retire. The rules say if you are working you can make up to $16,900 a year if you have not reached full retirement benefit amount at full retirement age . And every dollar over that. Every $2 they take a dollar back from you. The year you do turn full retirement age your able to make $44,000. They will take a dollar for every $3 . And once you exceed full retirement age you can make as much as you want with no penalty.
So basically wait until your full retirement age. That is probably the best thing to do.
That is what would make the most sense or work part time to supplement your income to stay under the guidelines.
What if you wait until after you are 66 years old?
There is pretty big benefit at full retirement age you can make as much as you want and still collect your social security but waiting between 66 and 70 your benefit would increase by an approximate 8% each year. So its a pretty good benefit.