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But once you reach your full retirement age of 66, there is no earnings penalty and from that point on, you can earn as much as you'd like, without SS penalty.

While that is a true statement (as it relates to SS Penalty), you should be aware that income above a certain amount will cause up to 85% of your Social Security Benefit to be taxed as ordinary income. (Withdrawals from tax defered accounts also count as income.)

So for planning purposes under current law, I'd figure that 85% of your SS Benefit will be taxed as ordinary income.

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