Ask Larry

Should I Switch To My Own Benefits Prior To The End Of 2022 To Take Advantage Of Next Year's COLA?

I am divorced and am currently receiving my ex-spouses' SSB until I turn 70 which will be in May 2023. My benefit (on my own account) will of course increase by 8% in 2023. I have read that the COLA for 2023 will be 8.6. Should I go ahead and switch to my own benefits prior to the end of 2022 so that I can take advantage or the extra .6% in benefits? (I am assuming that my benefits are not increasing 8% yearly plus the COLA?)

Hi. You don't need to start drawing your own benefits early in order to get credit for the 2023 COLA. Your Social Security retirement benefit amount will be credited with any cost of living (COLA) increase that occurs in 2023 regardless of when you start drawing your benefits. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to a their Social Security retirement benefit rate regardless of whether or not they are collecting benefits.

You may want to strongly consider using our software ( to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

May 21 2022 - 4:42pm
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