Problem is that at my income level, if I start receiving it at age 64, I’ll just have to pay it all back at the end of the year. But yes, that is what my wife did since she does not work outside the home.
Why do you have to pay back Social Security?
You do NOT have to pay taxes on your social security, unless it is a certain amount....and you will pay taxes on most pensions. You should check with SS to get that amount, before taxes. If you are working and receiving SS, there is taxes on the INCOME.
After age 70, you can earn as much as you want, in addition to your Social Security. Be sure to get a ‘my account’ at Social Security website, and read all about it.