I think that, if you keep working, two things happen:
1. There is a tax penalty on the SS
2. Your continued salary has no impact on your SS. IOW, you (and your employer) continue to pay FICA, but the baseline for your SS is unchanged.
As to Immamac’s strategy- it can be a good one, based on the key element of “invest all the SS payments”. Maybe even “invest most of the SS payments”. My opinion is you need to really be sure that you won’t be drawing in those payments for “life stuff”.
I don’t mean spending it on extra trips and stuff; I assume most have the discipline for that. What about- you’re getting that check each month, plan to invest it, but you realize Mom’s assisted living facility is kind of crappy, and none of your siblings can (or will) help? And you have that check that can make a difference?
How about that favorite niece with the worthless parents? She has a job, but her car is broken and she can’t afford to repair or replace?
My point is- we love people; we don’t love money. I suspect that the strategy is harder than we first think.
I get a small pension ($1,500 per month). I’m 60. I think I posed the question on the “Help” board about the monthly payment vs. the lump sum. I decided to take the pension monthly, and invest it. Every month that check comes in, and every month it is needed for bills, and I am so glad I get it.