Hi Larry, Do Social Security COLAs get factored into future payments for people not currently collecting Social Security? My husband is 67 and not yet claiming his Social Security . (We subscribe to Maximize My SSN and we’re following its advice to wait u til 70 to claim). I was told that the COLAs are not added to payment amounts unless one is actively receiving SS. If that is the case, we are considering claiming his SS in Dec 2022 so he will lock in the predicted 8% COLA starting in 2023. Thank you for your help

Hi. Yes, but in the case of Social Security retirement benefits, only Social Security cost of living (COLA) increases that occur after a person reaches age 62 are added. A person does not need to be drawing benefits in order for their Social Security retirement benefit rate to be credited with all Social Security COLAs that occur after they reach age 62.

Therefore, whatever the Social Security COLA amounts to in January 2023, since your husband is over age 62 he will receive credit for that COLA even if he waits until age 70 to start drawing his benefits. Whoever told you otherwise is simply wrong.

Best, Jerry