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

Hi Larry, I am retired military and receiving that retirement as well as VA disability. My FRA is 66 8 mos. I am currently 64 and 3 mos. My husband just turned 64 and wants to retire. If we would start drawing SS in December, would we be eligible to get the 8% COLA in January?

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

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

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.

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.

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???