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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 The COLA Be Affected By Me Applying Now Instead Of January 2023?
I turned 62 in September and am contemplating applying now. Will the COLA be affected by applying now, or should I wait until January 2023?
Hi. No. Since you turned age 62 prior to January 2 2023, your Social Security retirement benefit rate will be increased by the upcoming 8.7% cost of living (COLA) increase regardless of when you start drawing benefits.
Your best strategy for claiming benefits depends on a number of different individual factors. Before applying for benefits, you should 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 21, 2022