I turn 62 on 12/22/2022. If I retire January 1st of 2023 will I be eligible for the 2023 COLA?

Hi. Yes. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to a their Social Security retirement benefit rate regardless of whether or not they are collecting benefits.

Therefore, since you'll reach age 62 prior to January 2023 you don't need to apply for benefits at age 62 in order to receive credit for the 2023 Social Security COLA. What starting your benefits at age 62 will do is cause you to receive your lowest possible monthly benefit rate, and if you're married then starting your benefits at age 62 could result in your spouse ending up with their lowest possible survivor rate. Before filing for your benefits, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry