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Do The Online Social Security Benefit Estimates Reflect The 2022 COLA?

Hi Larry I have a question regarding the cola adjustments for 2022 and potentially 2023. I'm 64 and retiring end of September. I'm planning to take social security April 2023. I have not started the filing process yet.
My questions: the estimated benefits I see on my online ss account, do they reflect the 2022 cola already added or is the 2022 cola added to my estimated benefits when I file next year? And what about the 2023 cola if there is one? I'm trying to figure out if the cola's are already reflected in my estimated benefits or if they will be added when I do file.
Thank you.

Hi. Social Security benefit statements don't include any future projected cost of living (COLA) increases, but they do include COLAs that have already gone into effect at the time the statement is issued. Social Security can change their policies with regard to what they post on their website at any time, though, so you should check with them if you have questions about your benefit statements.

What I can tell you for sure is that all Social Security COLAs that occur after a person reaches age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits. So, regardless of what your benefit statement says, your retirement benefit rate will be credited with the most recent COLA and all future Social Security COLAs.

Before you decide when to apply, you should strongly consider using our software ( to get accurate benefit estimates and to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Jul 18 2022 - 12:34pm
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