Ask Larry

Does My Estimated Benefit Amount Include The 8.7% COLA?

Hi Larry, I am turning 62 in March 23 and plan to start taking social security at 62. Does my estimated social payment being shown today at 62 already includes cola of 8.7% for 2023 ? Thank you

Hi. No. Only people who were born no later than January 1 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate. If you turn 62 in March of 2023, then the first COLA that will be added to your Social Security retirement benefit rate will be the one that becomes effective with benefits due for December 2023.

It sounds like you may want to strongly consider using our software ( to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Dec 10 2022 - 12:37pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.