Ask Larry

If I Start SS After FRA And Then Suspend Benefits WIll My Benefit Rate Be Higher Due To DRCs And COLAs?

If I start SS after FRA and then suspend benefits, will my benefit be higher due to deferred credits and cola raises when I restart benefits?

Hi. Yes, if you suspend your Social Security retirement benefits between full retirement age (FRA) and age 70, your benefit rate will be increased by 2/3rds of 1% for each month that you don't collect benefits. And, yes, you'll also receive credit for any Social Security cost of living (COLA) increases that occur while your benefits are suspended.

However, if you collect benefits for any months between your FRA and age 70, your eventual benefit rate won't be as high as it would have been if you wouldn't have collected any benefits during that period. Also, you don't need to file for and suspend your benefits in order to receive delayed retirement credits (DRC) and COLA increases. If you wait past FRA to apply for and start drawing benefits, you'll still receive DRCs for any months that you don't collect benefits between FRA and age 70. And, all Social Security COLA increases that occur after a person reaches age 62 are automatically added to their Social Security retirement benefit rate regardless of whether or not they are collecting benefits.

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

Best, Jerry

May 26 2022 - 1:11pm
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