Hi Larry, Do Social Security COLAs get factored into future payments for people not currently collecting Social Security? My husband is 67 and not yet claiming his Social Security . (We subscribe to Maximize My SSN and we’re following its advice to wait u til 70 to claim). I was told that the COLAs are not added to payment amounts unless one is actively receiving SS. If that is the case, we are considering claiming his SS in Dec 2022 so he will lock in the predicted 8% COLA starting in 2023. Thank you for your help

I am 66 and will get my 1st check in august. Will I get the cost of living given in January of this year?

Hi. Yes, assuming that you'll be collecting your own Social Security retirement benefits. Retirement benefit rates are updated to include all cost of living (COLA) increases that occur after a person reaches age 62, regardless of when the person starts drawing their benefits.

Best, Jerry

I am divorced and am currently receiving my ex-spouses' SSB until I turn 70 which will be in May 2023. My benefit (on my own account) will of course increase by 8% in 2023. I have read that the COLA for 2023 will be 8.6. Should I go ahead and switch to my own benefits prior to the end of 2022 so that I can take advantage or the extra .6% in benefits? (I am assuming that my benefits are not increasing 8% yearly plus the COLA?)

I'm 62 I'm recieving my husband's death benefits. An wounder if I'm eligible to receive cola payments?

Hi. To clarify, cost of living adjustments (COLA) aren't separate payments. But, if you're drawing Social Security survivor benefits then your benefit rate will be increased by the percentages of any future Social Security COLA increases. Social Security COLAs apply to all types of Social Security payments, including survivor benefits.

Best, Jerry

I know each year if I dealy to apply for SSB, I will get 8% more till I reach 70. For 2022 the COLA is 5.9%, would I see a ~14% increase (8% + 5.9%) if I apply for SSB in 2022 vs I apply for it in 2021?

Why only an 8% annual increase in SSB but not the 8% plus annual COLA increase are mentioned by people who are experts ln SSB?

My husband is currently receiving SSA payments on a restricted application for spousal benefits. He turns 70 on December 23 of this year. My question is should he file for his own benefit to begin in January 2023 or earlier because of the anticipated high COLA for 2022? Will it make any difference at all if he receives his first SSA payment in 2022 or 2023 as far as receiving COLA? Thank you for your input.

I have contacted Soc Sec three times and was told each time that the 5.9% cola increase does not go to anyone unless they are already receiving benefits. This information that you are giving people is incorrect. I was born in 1956 and did not receive the increase on my estimated benefit and was told I would not receive it, three times.

I was just told by the SS Admin that this is not true. They said the person had to be drawing benefits already to qualify for the 5.9% increase. I was born in 1956 and my benefit did not get credited.

I turn 62 in March 2022. Will I be entitled to the COLA increase initiated in Jan 2022? My estimated monthly amount from the SSA is the same as I was quoted in Sept 2021. I have applied and received my approval letter with the start date given.

Hi. No, your Social Security retirement benefit rate will not include the 5.9% cost of living increase that went into effect with payments in January 2022. Only people who were born prior to January 2 1960 receive credit for the 5.9% COLA in their retirement benefit rate.

Best, Jerry

I’m asking you , if i am going to receive the 5.9 increase when i filed in November 03 2021 for collecting full retirement in February 2022 witch will be my first check do i qualify?

Hi. Yes. Everyone who was born prior to January 2 1960 will have the 5.9% cost of living (COLA) added to their Social Security retirement benefit rate regardless of when they start drawing benefits.

Best, Jerry