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Why Doesn't The Age 70 Estimate On My Social Security Benefit Statement Include The 8.7% COLA?
I was born in 1959, don't plan to start receiving ss benefits until I'm 67. I just reviewed my ss benefit statement, and the projected monthly benefit at 70 is the same today (01/19/23) as it was in December 2022. Why didn't the projected monthly benefit increase by the 8.7% COLA? Thanks!
Hi. You'll have to ask Social Security that question. What I can tell you is that your Social Security retirement benefit rate will be credited with the 2023 8.7% Social Security cost of living (COLA) increase regardless of when you start drawing your benefits. Everyone born prior to January 2 1961 will receive the increase, even if they aren't yet receiving benefits.
You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to get accurate benefit estimates and to fully compare and analyze all of your filing options so that you can determine your best strategy for maximizing your benefits.
Best, Jerry
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Posted:
January 19, 2023