Ask Larry

Am I Eligible To Receive The $2400 Increase To Social Security?

I reached FRA in February currently not collect ssa am I eligible to receive the $2400 increase to ssa when I do decide to collect

Hi. I don't know what you're referring to by a "$2400 increase". There is no such across-the-board increase scheduled for Social Security benefits.

If you're asking whether or not you'll receive the cost of living (COLA) increase that will occur in January 2023, then the answer is yes. All people who reach age 62 no later than January 1 2023 will receive that increase in their Social Security retirement benefit rate regardless of when they start drawing benefits.

Or, if you're referring to delayed retirement credits (DRC), the answer is that DRCs will be added to your Social Security retirement benefit rate for each month that you don't collect your benefits from your full retirement age (FRA) to age 70. DRCs increase a person's FRA benefit rate by 2/3rds of 1% per month, or 8% per year.

Best, Jerry

Jul 10 2022 - 12:51pm
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