Does the cola raise increase your gross ss benefit

Hi. Yes.

Best, Jerry

I'm turning 65 in May 2023, but I'm planning to retire in January 2023. Will I be eligible for the COLA raise?
What about if I wait till 65, will the COLA raise still apply in addition to the amount I'm suppose to get?

Hi. Yes. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they apply for benefits.

I turn 65 on 10/31/22 haven’t signed up for social security yet I’m still working full time , if I wait till after the first of the yr in 2023 to sign up will the cola increase for 2022 be added to what I would get if I filed in October of 2022

Hi. Yes. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they apply for benefits.

I started Social Security Benefits at age 62 and suspended benefits at full retirement age of 66. In addition to the 8% annual credit for suspending , will I also receive cost of living adjustments that occurred while my benefits were suspended? My benefits resume upon my turning 70 in July of 2023.

Hi. Yes. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of whether or not they are collecting benefits.

Best, Jerry

Why did I not get the $90 COLA for 2022

Hi. Without knowing your year of birth and the type of Social Security benefit(s) that you qualify for, I can't tell you whether or not you were eligible to receive a cost of living (COLA) increase. I can tell you that all people who turned age 62 on or before January 1 2022 should have had the 5.9% 2022 COLA added to their Social Security retirement benefit rate regardless of whether or not they were collecting benefits when the COLA occurred.

Best, Jerry

My full retirement is July 2023. However, If I decide to begin to take my benefits in November 2022, will I be eligible for the COLA increase in January 2023?

Hi. Yes, but you'll be eligible for the January 2023 Social Security cost of living (COLA) increase even if you don't start drawing your benefits until after January 2023. Social Security retirement benefit rates are increased to include all Social Security COLAs that occur after a person turns age 62 no matter when they start drawing benefits.

I am 60 years old and have necessary 40 credits for Social Security benefits. I plan on applying for my benefits at age 62 in 2024. Will the COLAs issued from 2002-2004 and until I reach age 62 positively affect my SS benefits in 2004. Thank You

Hi. No. If you turn age 62 in 2024 and on any day other than January 1st, then the first Social Security cost of living (COLA) increase that will be added to your Social Security retirement benefit rate will be the one that occurs in January 2025.

Good Morning Larry.

Per one of your other answers and my current understanding from using the SS ANYPIA calculator, the PIA benefit does not change within a calendar year. But if a person is collecting SS and not retired and the current year earnings are high enough to displace one of the previous 35 highest wage years, then the next calendar year the PIA will be recalculated.

I’m 62 and starting Social Security in either December 2022 or January 2023. Will it make a difference in the COLA starting in December versus January.

Hi. No. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits.

I was born March 13, 1961. I will be 62 March 13, 2023. My SSA.gov estimate is $2025 per month . Assuming the 2023 COLA is 9 percent , will that Cola change my benefit amount . I plan to start drawing at age 62 . Thank you

Hi. No. Only people born prior to January 2 1961 will have the January 2023 Social Security cost of living (COLA) increase added to their Social Security retirement benefit rate, and they'll receive credit for the upcoming COLA regardless of when they start drawing benefits.