Ask Larry

Cost Of Living Increases

How Will The January 2022 Cost Of Living Adjustment Affect Me?

How will the January 2022 social security cost of living adjustment affect me? I will be 65 in March 2022, still working not collecting benefits.
Thank you, Kevin

Hi. 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 whether or not they are drawing benefits. So, the short answer is that you'll be credited with the COLA increase that's expected next January even if you delay drawing your benefits.

Saturday, September 18, 2021 - 09:58

Is It Correct That My Husband Would Get A Higher Benefit Rate If He Starts Drawing This Year Due To The Expected Upcoming COLA?

My husband has delayed taking social security benefits until he turns 70 in March 2022. Now, with the expected Cola of 5.5-6.2%, if he starts his benefits in October, 2021 he will forgo 5 months of increase of 3.3%. But if I understand, his January benefit would increase by the Cola which is expected to be more than 3.3% plus he has an additional 5 months of benefit. Is this correct?

Tuesday, August 17, 2021 - 11:33

When We Receive A COLA Next Year Will They Add The COLA To Both My Husband's Benefit And My Spousal Benefit?

I am receiving spousal benefits. Next year when we receive COLA, will they add COLA to my husband's PIA and recalculate the amount I receive in spousal benefits each month?

Hi. Yes. Percentage cost of living (COLA) increases are applied to all Social Security benefits, including spousal benefits.

Best, Jerry

Monday, May 24, 2021 - 21:25

Will My Husband Get Credit For The COLAs That He's Already Received When He Switches To His Own Account?

I was born in 1954 and my husband was born in 1952. When my husband turned age 66 I took my Social Security at age 64 1/2. My husband then filed a restricted application on my benefits when he turned 66 while he was waiting to age 70 to start his own benefit. His restricted application amount has been $920 ish but has increased due to small COLA increases over the last few years. When he turns 70 he will begin his benefit (guessing about $3200) which will have grown due to delayed retirement credits plus COLA increases.

Saturday, May 22, 2021 - 17:38

Will My COLA Increases Be Included When Calculating My Wife's Spousal Benefits?

My FRA was 12-2018. Will my PIA increase with COLA's when determining my wife's spousal benefits at her FRA in 3-2021? Thank you.


Yes. All Social Security cost of living increases (COLA) that occur after a person reaches age 62 are automatically credited to their primary insurance amount (PIA), regardless of whether or not they've started drawing their benefits. And, since unreduced spousal benefits are based on 50% of the worker's PIA, any COLA increases credited to you would affect the spousal benefit rate potentially payable to your wife.

Sunday, November 29, 2020 - 09:20

Should My Age 70 Benefit Have Included Delayed Credits Plus COLAs From Age 66 To 70?

My full retirement age was 66 in 2014. I used the file and suspend strategy and took half of my spouses benefit for four years (and received COLAs based on that amount), then in 2018 began taking my own benefit at age 70 . I received the 8% per year in delayed retirement credits, which totaled 32% for waiting, which is what my current benefit is based on.... My question is, should MY benefit at age 70 have included the delayed credits PLUS COLAs (on my account) during the 4 years between age 66 and 70?


Saturday, November 14, 2020 - 09:55

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?


Sunday, March 1, 2020 - 17:02
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