Ask Larry

Cost Of Living Increases

Will I Get The 2023 COLA If I'm 65 And Not Yet Collecting Benefits?

Hi I am over 65 and have not started collecting Social Security yet. Will I get COLA for 2023. Why sS website is not reflecting this?

Hi. Yes, your Social Security retirement benefit rate will be credited with the 2023 cost of living (COLA) increase regardless of when you start collecting your benefits. Social Security retirement benefit rates are increased by all Social Security COLAs that occur after a person turns age 62, even if they aren't yet drawing benefits.

Sunday, May 14, 2023 - 12:28

Will My Spousal Rate Include The 8.7% 2023 COLA If I Wait Until January 2024 To Claim Spousal Benefits?

My FRA is November 2023. I benefit by taking half of my spouse's social security versus taking my own. If I take my first payment in November 2023, the 2022 COLA applied to the year 2023 (8.7%) isn't included in my spouse's PIA. If I wait until January 2024 to take my first payment, will I benefit by 8.7%? The payback is only 24 months if this is true.

Wednesday, May 3, 2023 - 18:08

Is What A CFP Told Me True?

Thank you for answering my past questions, Jerry. I just purchased your software, and am eager to use it. One more question, please. A CFP informed me that since I turn 62 in December 2023, I will receive exactly one month of the 8.7% Social Security COLA for 2023. I am unable to find anything that explains this. Can this be true?

Wednesday, April 12, 2023 - 11:29

Can You Comment On The Following Article?

For many recent COLA questions to Ask Larry, the replies from Jerry included the following statement: "Everyone born prior to January 2 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits." However, please comment on the following excerpt from Mary Beth Franklin's recent article "No need to claim Social Security to cash in on COLA": "There is no need for clients to claim Social Security benefits now to cash in on the huge 8.7% cost-of-living adjustment for 20

Tuesday, April 11, 2023 - 11:09

Can I Still Get The 8.7% COLA If I Wait Until I Turn 70 To Apply?

I turn 68 in April, if I don't apply for social security until I turn 70 in 2025, will I still get the 8.7% increase for 2023 ?

Hi. Yes. Social Security retirement benefit rates for everyone born prior to January 2 1961 will be credited with the recent 8.7% cost of living (COLA) increase no matter when they start collecting benefits.

Best, Jerry

Wednesday, March 29, 2023 - 17:30

Is It True That If Someone Waits Until Age 70 To Collect Benefits They Don't Receive COLA Increases Between Ages 60 And 70?

Hi - a recent confusion around COLAs. 35 of highest earnings are indexed inflation adjusted but only up to age 60, if someone wants to wait until age 70 to claim, there is no COLA or inflation adjustment to these earning age 60 to 70? Seems like a long period of time with no COLA, is that correct and what is the rationale from SSA for this? Thank you very much.

Wednesday, March 15, 2023 - 15:09

Why Doesn't The Age 70 Estimate On My Social Security Benefit Statement Include The 8.7% COLA?

I was born in 1959, don't plan to start receiving ss benefits until I'm 67. I just reviewed my ss benefit statement, and the projected monthly benefit at 70 is the same today (01/19/23) as it was in December 2022. Why didn't the projected monthly benefit increase by the 8.7% COLA? Thanks!

Thursday, January 19, 2023 - 15:09
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