My FRA is November 2023. I benefit by taking half of my spouse's social security versus taking my own. If I take my first payment in November 2023, the 2022 COLA applied to the year 2023 (8.7%) isn't included in my spouse's PIA. If I wait until January 2024 to take my first payment, will I benefit by 8.7%? The payback is only 24 months if this is true.

Hi. As long as your husband was born before January 2 1961, your spousal benefit rate will include the recent 8.7% cost of living (COLA) increase regardless of when you start drawing benefits. If he was born after January 1 1961, then your spousal rate won't include the 8.7% COLA no matter when you apply.

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Best, Jerry