Home > June Mid-Month Update/Social Security

June Mid-Month Update/Social Security

June 15th, 2023 at 10:49 pm

On the health front, I am feeling better and have finally been cleared to drive! I still can't lift anything and have to be careful with a lot of bending but I can at least get out of the house. Freedom! I do still tire easily but my doctor told me that it would just take some time to get my full energy back. 

Back in March, I applied for the Homeowners Property Tax Credit offered through my county. This is an income based program. I was informed that this year I will be receiving a credit of $1,332.82. They apply it directly to my property tax bill and I pay the remainder.  Our property tax billing cycle runs from July1-June 30 so I'll be receiving the bill sometime around July 1st. This is a huge help for low income residents. Even with the credit I estimate I will still be paying close to 2k.

I've been thinking a lot lately about when I want to start drawing Social Security. My full retirement age is 67, and I am currently 62. I always planned to wait until 67, but I may just start at 65 to coincide with switching to Medicare. I know that the monthly amount grows the longer I wait, and I routinely review my estimates through my SSA online account. 

I had sometimes considered going back to work only part time, but that is completely off the table now due to health reasons. My current income is very low, and while I am OK with living on a very tight budget, and feel that I am living a happy life, it would be nice to not struggle quite so much. My income when I take SS at 65 will almost double from what I am living on now. Waiting another 5 years until I am 67 just feels very long. I will keep mulling it over.

I hope everyone has a good upcoming weekend!


7 Responses to “June Mid-Month Update/Social Security”

  1. Petunia 100 Says:

    I mull this question over a lot, too. I'm glad you are feeling better!

  2. Lots of ideas Says:

    I had planned to wait until I was 70 to take Social Security.
    I am 67 now and I paid for Medicare by putting it on a cash back credit card and paying it off right away. I paid quarterly, and it was easy enough .

    With all the threats to social security, I decided to start taking it this year. I am not spending it but it is nice to have the money coming in. With interest rates at 5%, I am not losing very much by not deferring. They do take Medicare out so one less thing to think about but no more cash rewards!

  3. Dido Says:

    I'm glad to hear that you are feeling better.

    There's a very good online calculator available at Using it will optimize the amount of money you are likely to claim over your lifespan.

    I'm also 62 and single and that program advises me to collect at 69 years and 1 month.

    BUT, there are caveats. If you have very good reason to believe that your longevity will be shorter than average, consider claiming earlier. The best site for estimating longevity based purely on population averages and general health status (excellent, average, or poor) is the American Actuarial Society's calculator at

    And, more importantly, what other assets and income do you have to sustain yourself through your retirement?

    You can try to max out your Social Security benefit, but if you don't have significant other resources, you may end up draining whatever investment portfolio you do have before you are able to claim. On the other hand, if you have a very large IRA, it may make sense to start taking some distributions from that so that your Required Minimum Distributions (when they kick in at age 75) are smaller.

    Just some thoughts for your consideration.

  4. Wink Says:

    Dido: Thanks so much for the information, it's very helpful.

  5. rob62521 Says:

    So glad you are feeling better.

    Yes, it is a tough decision on Social Security, but not to be morbid, but one never knows how long one has. Would the money at 65 be a benefit to help you so you have more available income?

  6. LivingAlmostLarge Says:

    Have you considered taking it now if you are living on little?

  7. PatientSaver Says:

    I'm glad you're feeling better. Isn't that property tax credit wonderful? In my town, it's pretty generous, so it helps out middle income people too. Gosh, I thought you were a young 'un. I admit to daydreaming about when to pick up SS (always planned to wait til 70) for the same reasons you do, but we could all be still living quite some time, and it feels like a good security blanket knowing you can max out SS if you wait a bit longer.

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