Ask Larry

Is It Correct That My Husband Would Get A Higher Benefit Rate If He Starts Drawing This Year Due To The Expected Upcoming COLA?

My husband has delayed taking social security benefits until he turns 70 in March 2022. Now, with the expected Cola of 5.5-6.2%, if he starts his benefits in October, 2021 he will forgo 5 months of increase of 3.3%. But if I understand, his January benefit would increase by the Cola which is expected to be more than 3.3% plus he has an additional 5 months of benefit. Is this correct?

Hi. No. Your husband doesn't need to start his benefits prior to age 70 in order to receive the Social Security cost of living (COLA) that will occur in January 2022. A person's Social Security retirement benefit rate is increased for all Social Security COLAs that occur after they reach age 62, whether or not they're collecting benefits. Therefore, if your husband claims his benefits 5 months prior to age 70, he'll just end up with a permanent monthly benefit rate that's 3.33% less than the rate he would have received if he started drawing at age 70.

You and your husband may want to strongly consider using our software ( to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.

Best, Jerry

Aug 17 2021 - 11:33am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.