Social Security benefits can be taxable depending on the retiree’s total income. It’s essential to understand how other sources of income — like pensions and investment withdrawals — impact the taxability of Social Security benefits. Proper tax planning can help minimize Uncle Sam’s share of your money.While you can start receiving benefits at 62, doing so will result in a reduced monthly benefit. Each year you wait until you reach 70 will significantly increase the benefit amount.While drawing your Social ...