Quote Quoting adjusterjack
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There are two issues involved in that question: Reduction of SS retirement benefits and taxability of SS retirement benefits.

For you, at age 69 (actually since age 66 I think) there is no reduction in retirement benefits regardless of how much you earn from any source.
Her husband is 69, she is 63 so yes she would be limited in how much that she can personally earn.

However, you could pay taxes on your SS retirement benefits if your earnings from any sources exceed a certain amount. According to the 2015 handbook you'll pay taxes on your benefits if you and your spouse have a total income from all sources that is more than $32,000.
Slightly wrong. The calculation is that 1/2 of your social security benefits plus all of the rest of your other income must be under 32,000 or SS benefits start to become partially taxable, and above 44,000 before they max out at 85% taxable. Its 25k and 33k if you are single.

As for your wife, if she wants to start collecting retirement benefits early and keep on working her benefits could be reduced depending on the amount of her income from employment and also be taxable.
I think its the wife posting...but I could be wrong. However, her earnings have to be less than about 15k annually or her benefits reduce 1 dollar for every two dollars above approx. 15k. Its likely her benefits would be at least partially taxable but its not guaranteed without doing the overall calculation.

You can learn all about that stuff by reading the SS benefit guide at:

https://www.ssa.gov/pubs/EN-05-10077.pdf
That is an excellent resource if read thoroughly.