In good health at what age is best to collect SS without being penalized tax wise?

There are no tax penalties for collecting Social Security. Some of your benefits may be taxable if your gross income is high enough, but that's not a penalty, just a tax.

If you take early retirement you may surrender some of your benefits if your earned income is above a certain point. From the SSA website http://ssa-custhelp.ssa.gov/app/answers/detail/a_i... :

How much can I earn while receiving Social Security retirement benefits?

The amount you can earn while receiving Social Security depends on your age. Your earnings in (and after) the month you reach full retirement age will not affect your Social Security benefits. However, your benefit is reduced if your earnings exceed certain limits for the months before you reach your full retirement age.

If you are under full retirement age for the entire year:

You can earn $15,120 gross wages or net self-employment a year and not lose any benefits in 2013.

We will deduct $1 in benefits for every $2 earned above $15,120.

In the year you reach full retirement age:

You can earn $40,080 gross wages or net self-employment prior to the month you reach full retirement age and not lose any benefits in 2013.

We will deduct $1 in benefits for every $3 earned above $40,080.

Those offsets are by the SSA, not the IRS, so while they are a penalty, they are not a tax penalty.

As long as you are still working and contributing the FICA tax age 70 will get you the largest monthly benefit payment amount at that time in your life OK.

FRA full retirement age for the purpose of not having to worry about using the earning test amount if that is what you call penalized tax wise purposes.

Hope that you find the above enclosed information useful. 10/14/2013

when you can collect without taking a lesser amount depends on when you were born and when you started to work. you need to wait at least long enough that you have all your quarters in. at least 40 quarters is needed. you get 4 quarters a year at most depending on what you earn. you need to wait till your at least 55. you won't be penalized tax wise, depending on when you start collecting you won't get as much as you would if you kept working and waited. once you start collecting you can't work anymore

or they start deducting what you get according to how much you make. after you reach 66 you can work all you want with no penalities.

you can take early withdrawal of your SS at 62 if you so choose, the amount you will get per month will be less than had you waited until your retirement age

if you continue to work you will forfeit some of your SS if you exceed the limits until you reach retirement age and than it won't matter

of course, if you continue to work, and your overall income is enough you will pay income tax on some of the SS, in some cases and not working maybe none of it will be taxable

Taxwise, nothing. Moneywise, if you are going to live a long time, wait until you are 70 because your benefits are increase by 8% per year for each year between 66 and 70. If you anticipate checking out early, start getting it as soon as you can as long as you are not earning wages.

To avoid the offset on working wages, you need to wait until your normal retirement age. To get the most out of Social Security, you wait until age 70 (this assumes you outlive the normal life expectancy).

It's not about your age.

It's about how much other income you have.

Go to IRS.GOV

Read the instructions for the 1040 form.

You never get penalized for collecting SS if you are eligible.