I reached full retirement age (66 4 months) in August of 2022. Trying to wait until 70 to claim due to delayed retirement benefit. Question is, do I get the guaranteed 8% and the just announced 8.7% COLA added to my benefit or just the higher of the two? No one, not even my financial advisor seems to 100% know the answer. Thank you!

Hi. You'll get both the delayed retirement credits (DRC) that you earn by waiting past full retirement age (FRA) to claim benefits, and the upcoming 8.7% cost of living (COLA) increase. In fact, all of the Social Security COLA increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits.

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Best, Jerry