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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.
Does The 8.7% COLA Only Apply To People Who Are Already Receiving Benefits By The End Of 2022?
I've been delaying SS until I turn 70 in May 2023. I'm uncertain if the 8.7% COLA applies only to recipients already receiving benefits at the end of 2022, or also to those starting a benefit in 2023. I'm not sure if it's relevant, but I retired in 2015 at age 62.
Hi. No. The upcoming 8.7% cost of living (COLA) increase will be added to the Social Security retirement benefit rates of everyone who turns age 62 no later than January 1 2023, regardless of whether or not they are collecting benefits. Therefore, you don't need to start drawing your benefits early just to get the upcoming COLA increase.
You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.
Best, Jerry
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October 28, 2022