Do people under 62 benefit from the Dec 22 8.7% COLA? Wife and I are 60, both have 35 years vested, and don't plan to take SS until 2029 (age 67). I stopped working and wife will stop in two years. Currently SS site projects my monthly to be $3,135 and hers as $3,264 ( total of $76,788) but when I key this into some retirement planners the total combined annual SS Benefits is increased at 2029 by $10K or more. Is that due in part to the Dec 22 Cola and an assumption that COLAs have avg @ 2.5% over past 25 years?

Hi. No, at least not with regard to their own Social Security retirement benefits. Only people born prior to January 2 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate, and those people will receive credit for the increase even if they don't start drawing benefits until after the increase occurs.

However, people who are under age 62 and receiving Social Security disability (SSDI) benefits, auxiliary (e.g. spousal, child) benefits, or survivor benefits will have the upcoming 8.7% COLA added to their benefit rate.

Therefore, the higher benefit estimates you refer to shouldn't be due to the 8.7% COLA. If you and your wife were born in 1962, the first Social Security COLAs that will be added to your retirement benefit rates will be the one that takes effect in January 2025. Prior to that, your retirement benefit rates will be adjusted based on increases in the national average wage index (https://www.ssa.gov/oact/progdata/retirebenefit1.html).

It sound like you and your wife may want to strongly consider using the Social Security benefit calculator included in our software (https://maximizemysocialsecurity.com/purchase) to obtain your benefit estimates. The software would also allow you to fully compare and analyze all of your various options so that you can determine the best overall strategy for maximizing your benefits.

Best, Jerry