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When Is The First COLA I Will Be Eligible For?
I turn 62 in August of 2023. When is the first cola I will be eligible for?
Hi. The cost of living (COLA) increase that presumably will occur in January 2024 is the first COLA that will be added to your Social Security retirement benefit rate. All Social Security COLAs that occur after a person reaches age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits.
You should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.
Best, Jerry
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July 27, 2022