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.
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