Ask Larry

Cost Of Living Increases

Will I Miss Out On The Large COLA Increase If I Don't Become Eligible For Benefits By December 2022?

I am 71 and have not yet taken my SS benefit. I know that DRCs stopped when I reached age 70. I have a low benefit due to the WEP and have declined to file so that I may fund an HSA and reap those tax benefits. My question is, if I do not become eligible for my SS benefit in/before December 2022, will the benefit not be increased by the large COLA that is being applied this year.? Thanks much.

Posted: 
Tuesday, November 22, 2022 - 16:31

Will I Receive The 8.7% Cost Of Living Increase?

I applied for Social Security to start on my 62 birthday on Oct 14, 2022. I was approved and online it says I receive my first deposit will be Dec 2, 2022. Will I receive the 8.7% cost of living increase for 2023 starting in January 2023?

Hi. Yes. 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.

Posted: 
Thursday, November 17, 2022 - 20:58

Will I Receive The 2023 COLA?

I took early retirement at 62 in 2017. Will I receive the 2023 new COLA?

Hi. Yes. 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.

Best, Jerry

Posted: 
Thursday, November 10, 2022 - 12:08

How Will The 8.7% COLA Be Applied?

The COLA is listed as 8.7%. Will that amount be applied to my current SS benefit via a multiplication of 1.087 x Current SS benefit or will it be applied by taking SS benefit and applying it by 1.00 - .087 ( .913 ). In other words SS benefit divided by .913. Dividing is the real increase versus multiplying is the short way of applying COLA.

Thank You

Posted: 
Friday, November 4, 2022 - 14:02

Is My Husband Correct About The COLA?

Hi, I turned 62 in 2022 and started collecting ss . My huband says I wont get the cola I 2023. Is he correct?
Thank you !

Hi. No. 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. So, if you turned 62 in 2020 then you will receive the COLA.

Best, Jerry

Posted: 
Monday, October 31, 2022 - 16:51

Does The 8.7% COLA Only Apply To People Who Are Already Receiving Benefits By The End Of 2022?

I’ve been delaying SS until I turn 70 in May 2023. I’m uncertain if the 8.7% COLA applies only to recipients already receiving benefits at the end of 2022, or also to those starting a benefit in 2023. I’m not sure if it’s relevant, but I retired in 2015 at age 62.

Posted: 
Friday, October 28, 2022 - 13:10

Will I Get The 2023 COLA Increase If I Was Born On July 2nd 1961?

Hi Larry, I was born July 2nd 1961 will I be getting the increase in 2023?

Hi. No, assuming that you're referring to your Social Security retirement benefit amount. Only people 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, and those people will receive credit for the increase even if they don't start drawing benefits until after the increase occurs.

Posted: 
Friday, October 28, 2022 - 12:13

Is What Social Security Told Me Correct?

I turn 62 on Dec 20 2022. I applied for Social Security early Oct 2022 and received my award letter which matches my estimate from Social Security website. Award letter states my first check is Feb 15 2023. I called the National 800 number and the Social Security representative told me I would not be getting the COLA 8.5% increase since I did not have any benefits payable in December 2022. Is this correct???

Posted: 
Thursday, October 27, 2022 - 12:40

Do People Under Age 62 Benefit From The December 2022 8.7% COLA?

Do people under 62 benefit from the Dec 22 8.7% COLA? Wife and I are 60, both have 35 years vested, and don't plan to take SS until 2029 (age 67). I stopped working and wife will stop in two years. Currently SS site projects my monthly to be $3,135 and hers as $3,264 ( total of $76,788) but when I key this into some retirement planners the total combined annual SS Benefits is increased at 2029 by $10K or more. Is that due in part to the Dec 22 Cola and an assumption that COLAs have avg @ 2.5% over past 25 years?

Posted: 
Wednesday, October 26, 2022 - 15:43
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.