Ask Larry

Is What A CFP Told Me True?

Thank you for answering my past questions, Jerry. I just purchased your software, and am eager to use it. One more question, please. A CFP informed me that since I turn 62 in December 2023, I will receive exactly one month of the 8.7% Social Security COLA for 2023. I am unable to find anything that explains this. Can this be true?

Hi. No, that isn't true. Regardless of your month of birth, since you were born after January 1 1961 then no matter when you apply for your Social Security retirement benefits you won't receive credit for any part of the most recent 8.7% Social Security cost of living (COLA) increase. You will, however, be credited with all future COLAs, starting with the one that occurs in January 2024.

Best, Jerry

Posted: 
Apr 12 2023 - 11:29am
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.