Claiming benefits while still working
In case you decide to claim your Social Security before you reach full retirement age while still working, be careful! You might wake up one day that you have to pay a couple of penalties against your Social Security benefit, depending on how much you earn.
One of the best solutions is to wait until you reach your full retirement age. Then, you can claim your Social Security. There’s no penalty for working while you take benefits after your full retirement age, no matter how much income you earn.
So what would you choose: risking paying penalties you might not afford to cover or wait a bit longer and live without worries?
Having been a CPA for over 40 years and having had the experience to have actually done the tax returns of dozens of retirees, I would disagree with your initial concern of taking your Social Security too early. Of course there are a few exceptions which is why it is worthwhile to discuss your particular situation with your tax preparer or financial planner. The amount of extra money you will receive will take many years to recover even at that higher income level. Meanwhile you have had use of the money.
Cash is king always try to pay for something in person with that there will be no discrepancy about whether the funds are available or not.