Ask Larry

Should I Schedule My First Payment For 2021 To Take Advantage Of The Expected 2022 COLA Increase?

My FRA is on October 2021. I was going to wait until February to collect my first check to pick up a few months of delayed filing money. . Should I schedule my first check in 2021 to take advantage of the expected 2022 COLA increase?

Hi. No. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate whether or not they are drawing benefits. So, if there is a COLA starting next year it will be included in your benefit rate no matter when you start drawing your benefits.

You 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

Jul 26 2021 - 9:35am
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