Ask Larry

Does My Benefit Rate Increase By The COLA And The 8% Yearly Increase?

My wife began taking her full benefits at FRA. I began taking spousal benefits at FRA with the intention of waiting until 70 for mine. We were both born in 1953. I can no longer see what my full benefit will be at 70 at SSA. Can I manually calculate by going back to my FRA benefit? Also, does the benefit increase by the COLA and the 8% yearly increase? OR, can I obtain this amount by contacting SSA? Thanks!

Hi. Yes. If you haven't had earnings since your full retirement age (FRA) that were high enough to increase your benefit rate, then you could get a good approximation of your current benefit rate by adding both the delayed retirement credits (DRC) you've accrued since FRA and the Social Security cost of living (COLA) increases that have been added since then.

You could try calling Social Security to ask them to tell you your current benefit rate, but I don't if they'd actual be able to give you the correct amount. It would largely depend on the training level of the representative you happened to be connected with. Or, you could use our software ( to get an accurate calculation of your benefit rate, and to fully compare and analyze all of your options so that you can determine your best filing strategy for maximizing your benefits.

Best, Jerry

Feb 6 2023 - 12:28pm
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