Hi Larry. I started drawing my Social Security benefits at FRA (66) 4 years ago. My wife is contemplating to start her spousal benefits in 2022.
When Social Security calculates my PIA, in order to determine my wife's spousal benefits, would they adjust my FRA benefit as it was in 2017 by adding 4 years worth of COLA adjustments?
Or will the calculation be based on my original FRA benefit as it was in 2017?
Appreciate your explanation,
Sincerely,
IZ

Hi IZ. Your wife's unreduced spousal rate will be calculated based on 50% of your primary insurance amount (PIA) at the time she claims benefits. PIAs are updated each year to include Social Security cost of living (COLA) increases, so if your wife applies in 2022 then your 2022 PIA will be used in the calculation.

Your wife may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to her in order to determine her best strategy for maximizing benefits.

Best, Jerry