Ask Larry

When Can I File And Get My Higher Age 69 Rate?

Hi Larry, my birthday is on January 18th. I will be 69 in 2023. By using the social security site I can see that in January my check amount will rise. When can I file and get this increase for 2023. I don't want to end up with 2022's amount if I file too soon. Also, I assume I can't capture the $146 COLA increase if I want to wait till my 2023 increase in January takes effect because the COLA will take effect before I file and you can't get a COLA on something I'm not being paid yet. Thanks for your time. Karen

Hi Karen. You're wrong about the cost of living (COLA) increase. You'll get credit for the 8.7% COLA no matter when you start drawing benefits, even if you wait until age 70 to start. All Social Security COLAs that occur after a person reaches age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits.

If you claim benefits effective with January 2023, which is the payment that Social Security makes in February, you'll get credit for all of the delayed retirement credits (DRC) you've earned through December 2022. In other words, you'd get your full age 69 rate.

Before deciding when to start drawing your benefits, you should strongly consider using our software ( to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Oct 16 2022 - 12:19pm
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