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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.
Will My Estimated Benefit Rates Now Increase Because Of The COLA Increase?
I was born April 8, 1955, in Jan 2021 I received a CB letter from Social Security that my estimated benefit if I start collecting at age 66 and 2 months is approx $2449.00 per month, with an amount of $3201.00 if I wait until age 70. Am I correct both amounts would now increase by 5.9% with this years Cola increase?
Hi. Yes, although I can't vouch for the accuracy of the estimates you were given. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to make sure that your estimates are accurate and to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.
Best, Jerry
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December 29, 2021