I turn 62 in April 2022 and I read hear I will not qualify for the 5.9% cola increase but everything else I read says as long as you turn 62 in the year of the increase you will receive it. I am confused.

Hi. No, your Social Security retirement benefit rate will not be credited with the 5.9% cost of living (COLA) increase. Only people who were born prior to January 2 1960 will receive credit for the 5.9% increase in their retirement benefit rate, and those people will receive credit for the increase regardless of whether they start drawing benefits at age 62, or 70, or anytime in between.

Social Security retirement benefit rates are indexed in order to keep pace with increases in the national average wage index (AWI) up until the person reaches age 62. Then, after the year in which a person turns 62, their Social Security retirement benefit rate is increased by COLAs. Therefore, the first COLA that people born from January 2 1960 through January 1 1961 will receive is the COLA that will first apply to retirement benefits paid in 2023.

Best, Jerry