I'll be 66 and receive social security on January of 2018. Say the cola increase declared in oct of 2017 going into effect january of 2018 is 2%. would I receive the 2% increase if I start my checks in January of 2018, or do I have to apply and start my social checks coming in say December 2017 to receive the raise. I was told the cola raise would have been for 2017 and if you weren't receiving in 2017 this would not increase your payment if you start in 2018. This would then be a no brainer. An extra check and a raise compared to a small loss for going a month early.

Hi,

No, it wouldn't matter what month you started drawing your benefits. Your benefit rate is adjusted to include Social Security cost of living increases starting with the year in which you turn age 62, whether you are drawing benefits or not.

Before filing, you may want to consider running the maximization software available on this website in order to be sure that you choose the best filing strategy.

Best, Jerry