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Cost Of Living Increases

Will My Benefit Be Credited With The 5.9% COLA If I Turn 62 In December 2021?

I turn 62 on 12/26/21. If I opt to start taking SS in Dec 2022 (age 63), will my benefits see the 5.9% COLA increase that is due to happen in 2022?

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

Best, Jerry

Thursday, October 14, 2021 - 07:57

If I Turn 62 In December 2022 And If I File For Early Retirement Will I Receive The Newly Announced 5.9% COLA?

Hi, my question is if I turn 62 in dec of 2022 and file for early retirement, I understand I won't get my first check until jan 2023 but will I get the newly announced 5.9% cola raise for 2022?. my current benefit as of now if I retire at 62 would be $1400 a month. so would I get the 5.9% boost on my check to raise it to $1485? or would I have to wait until the next cola adjustment?

Wednesday, October 13, 2021 - 18:23

Will The Just Announced COLA Apply To Benefit Rates For People Born In 1960?

In one of your pages you stated- Starting with the year in which you reach age 62, your retirement rate is credited with any subsequent COLA increases as calculated using Social Security's formula ( Such COLA increases are added to your benefit rate regardless of whether or not you start receiving benefits at age 62.

Wednesday, October 13, 2021 - 18:14

Shouldn't My Age 70 Benefit Amount Increase With Each Year's COLA?

I am at full retirement age ...66 years and two months. I have not applied for social security. It seems when I go to the website at my social security my benefit at age 70 never increases. Should it not increase with the COLA each year? Also, the calculator only shows my benefit increasing on the half year. That is, the benefit at age 67, or age 67 and one month or age 67 and two months is the same amount. It increases at age 67 and six months. The calculator without signing in indicates the benefit should increase EACH month. So I am confused.

Saturday, September 25, 2021 - 09:14

How Will The January 2022 Cost Of Living Adjustment Affect Me?

How will the January 2022 social security cost of living adjustment affect me? I will be 65 in March 2022, still working not collecting benefits.
Thank you, Kevin

Hi. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to a their Social Security retirement benefit rate whether or not they are drawing benefits. So, the short answer is that you'll be credited with the COLA increase that's expected next January even if you delay drawing your benefits.

Saturday, September 18, 2021 - 09:58

Is It Correct That My Husband Would Get A Higher Benefit Rate If He Starts Drawing This Year Due To The Expected Upcoming COLA?

My husband has delayed taking social security benefits until he turns 70 in March 2022. Now, with the expected Cola of 5.5-6.2%, if he starts his benefits in October, 2021 he will forgo 5 months of increase of 3.3%. But if I understand, his January benefit would increase by the Cola which is expected to be more than 3.3% plus he has an additional 5 months of benefit. Is this correct?

Tuesday, August 17, 2021 - 11:33

When We Receive A COLA Next Year Will They Add The COLA To Both My Husband's Benefit And My Spousal Benefit?

I am receiving spousal benefits. Next year when we receive COLA, will they add COLA to my husband's PIA and recalculate the amount I receive in spousal benefits each month?

Hi. Yes. Percentage cost of living (COLA) increases are applied to all Social Security benefits, including spousal benefits.

Best, Jerry

Monday, May 24, 2021 - 21:25
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