I will turn 70 on March 11, 2020, and will apply for my Social Security benefit at that time. Does my annual amount as currently calculated by Maximize My Social Security include next year’s 1.6% COLA? Thank you.
No, the upcoming 1.6% cost of living increase (COLA) won't be automatically reflected in the 2020 benefit rates shown in our software until January 1 2020. However, you can input 1.6% as your assumed inflation rate for 2020 and then use the Social Security Benefit change feature to adjust your assumed inflation rate for future years.
Software customers are encouraged to submit questions about use of the software using an online contact form available in the help menu so that your questions can be answered by one of our software experts with access to your data.