Cost Of Living Increases

Does The Benefit Estimate I Get From Social Security Include COLAs?

I understand that I get credit for all of the Social Security cost of living (COLA) increases that occur after I turned age 62. When I view the my Social Security page and see the Estimated Benefits at your current age (66), does the amount include the COLA's for the last 4 years or will they be added later when I claim my benefits?

Hi,

Will My Estimated Benefit Rate Be Adjusted To Include The 1.6% COLA?

I am currently 61 planning on drawing SSA at 62 in February 2020. Question is, does the yearly COLA get added to the estimated benefits amount calculated by the Benefits estimator calculator. For instance , currently it shows an estimate of 1706 monthly at age 62. Will that estimate be adjusted to include the COLA OF 1.6% prior to me applying for benefits?

Hi,

If you don't turn 62 until after January 1 2020, then you won't be eligible for the upcoming 1.6% cost of living increase (COLA).

Will My Benefit Rate At Age 70 Increase By The Annual Cost Of Living Increases From When I Reach FRA?

Born in 1952, I will wait till age 70 to claim Social Security, thereby increasing my FRA benefit by 8% a year, or 32%, versus claiming at age 66. On top of that 32% increase, will my benefit at age 70 also increase by the cumulative amount of annual cost-of-living increases in the intervening four years? Thank you.

Hi,

Yes. You get credit for all of the Social Security cost of living (COLA) increases that occur after you turn age 62, even if you wait until age 70 to start drawing your benefits.

Best, Jerry

Am I Entitled To The January 2019 Benefit Increase?

I started my social security benefits in may of 2019 am I entitled to the 2019 raise in January of 2019? I’m 62

Hi,

If you turned 62 on January 1 2019 or sooner, then yes you're entitled to the January 2019 cost of living increase (COLA) and that increase should already be included in your current benefit rate. But, if you didn't reach age 62 until after January 1 2019, the first COLA that you'd be entitled to would be the one that's upcoming in January 2020.

Is It True That COLAs Are Added Starting At Age 62 Even If You Aren't Drawing Benefits?

There was an article that stated: "COLAs start pumping up your benefit at age 62, even if you don't claim your benefit until much later". (https://www.kiplinger.com/article/retirement/T051-C000-S004-delaying-soc...). Is this true? If so, does my Social Security Statement from ssa.gov include these COLAs in the monthly benefit estimate at FRA, and age 70, and current age? If not, will my benefit be higher than what is estimated?

How Much Was The SSI COLA For February 2019?

What cola for ssi for february 2019

Hi,

The 2019 cost of living increase (COLA) for Supplemental Security Income (SSI) is the same as the Social Security COLA, or 2.8%. That increase was added to SSI benefits starting with the payments due on January 1 2019, although those payments were issued a day early due to the holiday. There was no additional COLA increase in February 2019, nor will there be until at least January 2020.

Best, Jerry

Should I Start Drawing Benefits Sooner To Take Advantage Of The 2.8% COLA?

I used your software to determine my current filing plan. However, there is now the twist of the just announced COLA tossed into the mix. I turn 70 in May 2019. Would it be advantageous start in December and forgo the 3.67% but with the compounding of the announced COLA of 2.8%, it seems that it would come to just over the 32% increase I am currently waiting for AND get an extra 5 months of benefits?

Hi,