I’ve been delaying SS until I turn 70 in May 2023. I’m uncertain if the 8.7% COLA applies only to recipients already receiving benefits at the end of 2022, or also to those starting a benefit in 2023. I’m not sure if it’s relevant, but I retired in 2015 at age 62.

Hi. No. The upcoming 8.7% cost of living (COLA) increase will be added to the Social Security retirement benefit rates of everyone who turns age 62 no later than January 1 2023, regardless of whether or not they are collecting benefits. Therefore, you don't need to start drawing your benefits early just to get the upcoming COLA increase.

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Best, Jerry