Ask Larry

Is What Social Security Told Me Correct?

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???

Hi. No. The upcoming 8.7% cost of living (COLA) increase will be added to your Social Security retirement benefit rate. Everyone 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 regardless of when they start drawing benefits.

Best, Jerry

Oct 27 2022 - 12:40pm
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