Ask Larry

Benefit Amount

Are COLAs Applied To My January Amount Or My December Amount?

I took SS at age 62 then suspended benefits at full retirement age (66yrs, 2 mos) . I plan to restart them at age 70. Are the annual cost of living adjustments based on my January (beginning) amount of the year or my December (year-end) amount? In other words, do I get the benefit of 12 months of the additional 2/3 of 1% monthly increase when calculating the new year's benefit? Thanks.

Friday, October 28, 2022 - 16:27

Why Doesn't My Wife's Benefit Estimate Reflect An Increase From Her Recent Earnings?

Hello, we are close to retirement and keep a close eye on our SS benefit amounts. This year we noticed both of them increasing by the 5.9% for 2021 COLA but nothing for the huge increase in my wifes 35 year earnings history increase this year. I heard they review it the fall we've checked it several times but nothing yet. Thank you for any advice!

Monday, October 24, 2022 - 16:11

Is There Any Way That I Can Increase My Benefit Amount?

I had to retire two years earlier to take care of my parents now I was not explained that if I hung out for the two years that I would get quite a bit more money when I did retire, so I went in the office and I did my paperwork and I missed out on about $600 right now Is there any way to make that up or are there any exceptions it would make it so much easier to live, and I don’t know why it wasn’t explained to me.

Sunday, October 23, 2022 - 13:33

How Do I Know How Much SS I Will Receive If I Retire?

I turn 62 in Dec how do I know how much ss I will receive if I retire

Hi. We believe that the best way to get an accurate estimate of your Social Security benefit rate is to use the Social Security benefit calculator included in our software ( Subscribing to the software would also allow you to fully compare and analyze all of your various options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Thursday, October 20, 2022 - 14:10

When Can I File And Get My Higher Age 69 Rate?

Hi Larry, my birthday is on January 18th. I will be 69 in 2023. By using the social security site I can see that in January my check amount will rise. When can I file and get this increase for 2023. I don't want to end up with 2022's amount if I file too soon. Also, I assume I can't capture the $146 COLA increase if I want to wait till my 2023 increase in January takes effect because the COLA will take effect before I file and you can't get a COLA on something I'm not being paid yet. Thanks for your time. Karen

Sunday, October 16, 2022 - 12:19

Is The Fact That I Haven't Been Able To Work Much This Year Reducing My PIA?

Hello, I turned 62 in January of 2022, my PIA amount according to my SSA statement dated August 2022, is $2240. My understanding is I will qualify for the COLA regardless if I apply for benefits or not. Thanks so much!
Questions: (1)due to health reasons, I haven't been able to work much this year, is this situation reducing my PIA?
(2) if I apply for benefits at age 64 what would be my benefit amount assuming a COLA 2023 increase of 8-9 % ?

Saturday, October 8, 2022 - 13:07

Will My Benefit Rate Be Based On October Or September?

Hello, I’m less than FRA. But >62.
If I filed for my SS on October 5. Would I receive
The full October benefit value, or would it be based on my full September SS valuel??
Yes, it’s only about $14 difference. But just curious.

My Birthday is the 11th of the month - if that matters where my benefit increases falls.,

Hi. If you chose October as your month of election to begin benefits, then you'll get your October benefit rate. October benefits are normally paid in November, since Social Security pays benefits a month behind.

Friday, September 30, 2022 - 05:42
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