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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.
April 12, 2023
Category:
Is What A CFP Told Me True?
Thank you for answering my past questions, Jerry. I just purchased your software, and am eager to use it. One more question, please. A CFP informed me that since I turn 62 in December 2023, I will receive exactly one month of the 8.7% Social Security COLA for 2023. I am unable to find anything that explains this. Can this be true?
Hi. No, that isn't true. Regardless of your month of birth, since you were born after January 1 1961 then no matter when you apply for your Social Security retirement benefits you won't receive credit for any part of the most recent 8.7% Social Security cost of living (COLA) increase. You will, however, be credited with all future COLAs, starting with the one that occurs in January 2024.
Best, Jerry