Ask Larry

If My Husband And I Start Drawing In December Will We Get The COLA In January?

Hi Larry, I am retired military and receiving that retirement as well as VA disability. My FRA is 66 8 mos. I am currently 64 and 3 mos. My husband just turned 64 and wants to retire. If we would start drawing SS in December, would we be eligible to get the 8% COLA in January?

Hi. Both you and your husband will be eligible for the upcoming 8.7% cost of living (COLA) increase even if you don't start drawing your benefits early. Everyone born prior to January 2 1961 will have the 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits.

Your best filing strategy depends on numerous different factors, so you and your husband should strongly consider using our software ( to fully compare and analyze all of your various options so that you make sure to choose your best overall strategy for maximizing your benefits.

Best, Jerry

Nov 7 2022 - 9:16am
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