oomis1105 is basically correct. Once you reach 65 or 66 or 66+
(depending upon when you were born. they keep raising the age)
you can collect your full social security and earn whatever you like. If you choose to wait to collect and only start collecting
at age 70, your benefit will be still more (about 8%) for each year you wait.
You are not taxed at the rate of 85%, as artchill wrote. You may be taxed on 85% of your social security benefits (at whatever your tax rate is)depending upon your total other income
(salary, interest, dividends, capital gains, etc.)and 1/2 your social security…..It has nothing to do whether you take early
retirement/ your age, etc. The tax rate on which you pay is the same as what you pay on all your other income….
Whether it is smart to collect early depends on your life span.
If you know someone with Ruach Hakodesh, you can calculate the best option, so as to maximize your benefits.