Ask Larry

When Must I Apply For Benefits To Get The Increased January 2023 Rate?

Hi Larry,
I will turn 66 years and 4 months on August 5, 2022 (my full retirement age). When must I apply for social security to start getting the benefits at the increased rate in January 2023? Thanks for answering.

Hi. The January 2023 cost of living (COLA) increase will be added to your Social Security retirement benefit rate no matter when you apply for benefits, even if you wait until age 70. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they apply for benefits. You don't need to be drawing benefits in order to get credit for the Social Security COLA increases that occur after you reach age 62.

Your best option for when to claim benefits depends on many different factors, so before you apply you should strongly consider using our software ( to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Sep 22 2022 - 3:13pm
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