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

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.

I was born 1961 my birthday was january 28 thinking to retirement can I get cola

Hi. No. Only people who were born before January 2 1961 will have the recent 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate.

Best, Jerry

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!

Will my ss account get the 8.7% cola raise. If I am not drawing ss now, born December 1961. Full retirement age 67

Hi. No. Only people who were born on or before January 1 1961 will be credited with the 2023 8.7% cost of living (COLA) increase when calculating their Social Security retirement benefit rate.

Best, Jerry

I receive DIC from. my husband’s deal th which was 1\ half years ago. Do I receive both increases from Social Security also I am disabled but when I turned 65 they’ve put me on straight Social Security?

Hi Larry, I am turning 62 in March 23 and plan to start taking social security at 62. Does my estimated social payment being shown today at 62 already includes cola of 8.7% for 2023 ? Thank you

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.

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.

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