I’m 68, single never married, retired at 66, and have delayed taking Social Security benefits to maximize my Delayed Retirement Credits. I had planned to delay until age 70. However, as I see the large percentage increases in SS benefits due to inflation, I would like to know if I am missing out by continuing to delay. Does the primary insurance amount (PIA) increase with annual inflation adjustments by the same amount whether I am collecting or delaying? Thank you.

Hi. Yes. You do not need to start drawing benefits sooner than you had planned in order to receive credit for the upcoming Social Security cost of living (COLA) increase. All Social Security COLAs that occur after a person reaches age 62 are added to their primary insurance amount (PIA) regardless of when they start drawing benefits.

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Best, Jerry