Hi - a recent confusion around COLAs. 35 of highest earnings are indexed inflation adjusted but only up to age 60, if someone wants to wait until age 70 to claim, there is no COLA or inflation adjustment to these earning age 60 to 70? Seems like a long period of time with no COLA, is that correct and what is the rationale from SSA for this? Thank you very much.

Hi. No, that is not correct. All Social Security cost of living (COLA) increases that occur after a person reaches age 62 are added to their Social Security retirement benefit rate, regardless of whether or not they are collecting benefits when the COLA occurs.

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Best, Jerry