Hi ecwangus!
At full retirement age you are able to continue working as much as you want without having the amount of social security you draw negatively impacted, but there are still tax consequences most folks don't realize.
You must pay taxes on between 50 and 85% of your Social Security benefits if you file a Federal tax return as an “individual” and your “combined income” exceeds $25,000 or a joint return, and you and your spouse have “combined income” of more than $32,000.
“Combined income” includes your adjusted gross income, tax-exempt interest income and half of your Social Security benefits.
The pros of continuing to work and draw social security is you could enjoy income up to $25,000 is single or $32,000 if married without any of your social security benefits being taxable. Even if you have income higher, only a max of 85% of your benefits will be taxable.
The cons of going ahead and starting it, are that if you don't really need the income, you could reduce the tax impact by waiting until a later date, and you would also have an increased social security benefit.
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