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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Is There Any Advantage To Starting Benefits At Age 69 Instead Of 70 Due To The New COLA?
I will be 69 in a week (Oct. 2022) and have been intending to wait until age 70 to collect my monthly SS benefits to get the annual 8% after my full retirement age of 66. With the new COLA of 8.7% is there any benefit to starting benefits at 69 rather than waiting till age 70?
Hi. No. The 8.7% COLA will be added to your benefit rate even if you wait until age 70 to start drawing your benefits. If you're undecided about when to claim benefits, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your various options.
Best, Jerry
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October 19, 2022