Ask Larry

Do I Get Both The 8% Annual Increase For Waiting Until Age 70 To Claim My Benefits And The 8.7% COLA, Or Just The Higher Of The Two?

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.

Your best strategy for claiming your Social Security benefits depends on many different variables, so you should strongly consider using our software ( to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Nov 27 2022 - 12:43pm
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