Social Security checks will arrive on time this July — but some recipients may soon be in for a surprise. Starting later this month, the Social Security Administration plans to withhold up to 50% of monthly benefits from people it says were overpaid and haven’t started paying the money back.

American seniors are heavily reliant on Social Security to make ends meet. Six in 10 retirees said their benefits are a major source of income in the most recent iteration of an annual Gallup poll. That's one of the highest responses since the poll's inception in 2002.

A bit of number-crunching and realistic strategizing suggests I'm better off with a little less of this benefit money now, rather than a little more of it later.