Ask Larry

Why Didn't My Age 70 Estimate On The SSA Website Change To Reflect The Last COLA?

my age 70 will be in 2023, my question is In Dec 2021, I checked my SS Acct and it showed that if I waited to Age 70 I would receive $4048. per month. The COLA for 2022 was 5.9% which I assumed would be reflective in my new amount I would receive if I waited till age 70. When I checked in Oct 22 my SS Acct still shows I would receive the same $4048 if I wait to age 70. Why has that number not changed with COLA adjustment? Will that be the case in 2023 if I wait for age 70----If that is case I would be better off taking payment now and getting 8.7% increase in Jan 2023 with COLA vs 8%---
Your thoughts would be appreciated

Hi. I don't know. All I can tell you is that if you wait until age 70 to start your Social Security retirement benefits, your benefit rate will include credit for all of the Social Security cost of living (COLA) increases that occurred after you reached age 62. And, you'll also receive the maximum delayed retirement credit (DRC) increase of 32% if you don't start drawing prior to age 70. You don't need to start drawing your benefits early in order to get the upcoming 8.7% COLA, and if you start collecting your benefits prior to age 70 you'll lose some of the DRCs that you otherwise would have received.

If you want to get an accurate estimate of your benefit rate, you could use the Social Security benefit calculator included in our software ( The software would also allow you to fully compare and analyze all of your various options so that you can determine what you believe is your best strategy for maximizing your benefits.

Best, Jerry

Oct 21 2022 - 12:19pm
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