Ask Larry

Cost Of Living Increases

Will I Receive The 5.9% COLA In Addition To Delayed Retirement Credits?

Hi Larry,
I’ve filed a restricted application and currently receive half of my ex-husband’s full retirement amount, letting my own account grow 8%/year. I am now 68. I noticed that the COLA was 5.9% for this past year. If I continue to delay taking my own Social Security will I receive the COLA in addition to the 8% per year? If not, it seems that I should switch to my own now as I could use the extra money! Thanks, Judith

Friday, January 14, 2022 - 12:37

Is It True That I Won't Receive The 5.9% COLA Because I Didn't File In Time?

I Larry i born on 1956 i apply for my retirement on november 2 2021 i specting to recive my first check i will recive the 5.9 increase from cola i was told no from social security because i was not recivin checks until november

Hi. What you were apparently told by Social Security is wrong. Since you were born prior to January 2 1960, no matter when you start drawing your Social Security retirement benefit your benefit rate will be credited with the upcoming 5.9% cost of living (COLA) increase.

Best, Jerry

Wednesday, December 29, 2021 - 12:38

Can I Get The 5.9% COLA If I Turn 66 And 4 Months In November 2022?

I turn 66 years and 4 months in November 2022 can I get 5.9% cola if I file

Hi. Yes, Social Security retirement benefit rates will increase by 5.9% for everyone who was born prior to January 2 1960, regardless of when they start drawing benefits. You do not need to start drawing your benefits early in order to receive credit for the increase.

Best, Jerry

Sunday, December 26, 2021 - 18:08

Will The 5.9% Cost Of Living Increase Be Applied To My Current Benefit Amount Or My Original Benefit Amount?

I started receiving my social security benefit in 2020 at age 67 (my FRA was 66) so I received one year DRC. Initial benefit was $2915. In 2021 with the COLA of 1.3% my benefit increased to $2954. With the 2022 new COLA of 5.9% will my new benefit be $2915 x 5.9% or will it be $2954 x 5.9%. In other words, after FRA and receiving social security benefits, are subsequent COLAS cumulative and always based on the latest benefit amount or the initial starting benefit? THANK YOU SO MUCH for your answer : )

Thursday, December 23, 2021 - 13:06

Is There Any Reason For My DWB Benefit Not Increasing By The Full 5.9% COLA?

A 5.9 cola has been applied to my SSDI but not to my DWB benefits. My DWB benefit increased only $30 per month (which is 3.25 percent increase). Is there a reason for this?

Hi. I don't know of any reason why the 5.9% increase wouldn't apply to both of your benefits. Disabled widow's benefits (DWB) are reduced for age, but your gross amount should still go up by roughly 5.9% once the cost of living (COLA) increase is applied.

Thursday, November 18, 2021 - 17:15

If I Start Drawing Benefits In January 2023 Will I Receive The Upcoming 5.9% Cost Of Living Increase?

So if I turn 62 on the 16th of Jan. I would not get the 5.9% increase if I file for benefits at 62. My question is if I wait until Jan 2023 would my estimated benefit be increased by 5.9% plus the 8% increase by waiting until 63 to take benefits.

Thursday, November 18, 2021 - 09:30

If I Retire In 2022 Will My Benefit Rate Still Reflect The 5.9% COLA?

Hi I plan on retiring in 2022 and I see the COLA will be the largest 5.9. Will my monthly SSN check reflect that? Or is that increase just for current SSN recepients?

Hi. Assuming that you were born prior to January 2 1960, then the answer's yes. A person's Social Security retirement benefit rate is increased by all Social Security cost of living adjustments (COLA) that occur after they turn age 62, regardless of when they start drawing benefits.

Best, Jerry

Monday, October 25, 2021 - 17:12

If I Claim My Benefits When I Reach FRA In February 2022 Will I Still Receive The Upcoming COLA Increase?

I am currently receiving survivor benefits but want to claim my own benefit when I reach FRA in Feb 2022. Will I still receive the COLA increase when I switch over to my own benefit.

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

Tuesday, October 19, 2021 - 10:02
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.