If you retire before your "Full Retirement Age", earnings above a certain limit will reduce your social security payment by one dollar for every two dollars earned above that limit. Last time I looked, that limit was something on the order of $13,500 or thereabouts. Also, if earned income plus 1/2 your social security benefit exceeds something like $25,000, your social security benefit becomes taxable as ordinary income. If your income is unearned, that is, investment income, you might have a different answer. Medicare still starts at age 65, regardless of when you elect to accept ss benefits.
PS: Look again. Your full retirement age is not 65. It is at least 66 1/2.
PPS: Now, aren't you glad you asked before making a decision.