Ask Larry

If I Turn 62 In December 2022 And If I File For Early Retirement Will I Receive The Newly Announced 5.9% COLA?

Hi, my question is if I turn 62 in dec of 2022 and file for early retirement, I understand I won't get my first check until jan 2023 but will I get the newly announced 5.9% cola raise for 2022?. my current benefit as of now if I retire at 62 would be $1400 a month. so would I get the 5.9% boost on my check to raise it to $1485? or would I have to wait until the next cola adjustment?

Hi. No. People born after January 1 1960 will not receive the 5.9% cost of living (COLA) increase in their Social Security retirement benefit rate regardless of when they start drawing their benefits. The 5.9% COLA that becomes effective with benefits paid in January 2022 will only be credited to retirement benefit rates for people who were born prior to January 2 1960. And, retirement benefit rates for those people will be increased by the 5.9% COLA even if they don't start drawing their benefits until after the COLA goes into effect.

Best, Jerry

Posted: 
Oct 13 2021 - 6:23pm
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