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Why Doesn't The Age 70 Estimate On My Social Security Benefit Statement Include The 8.7% COLA?

I was born in 1959, don't plan to start receiving ss benefits until I'm 67. I just reviewed my ss benefit statement, and the projected monthly benefit at 70 is the same today (01/19/23) as it was in December 2022. Why didn't the projected monthly benefit increase by the 8.7% COLA? Thanks!

Hi. You'll have to ask Social Security that question. What I can tell you is that your Social Security retirement benefit rate will be credited with the 2023 8.7% Social Security cost of living (COLA) increase regardless of when you start drawing your benefits. Everyone born prior to January 2 1961 will receive the increase, even if they aren't yet receiving benefits.

You may want to strongly consider using our software ( to get accurate benefit estimates and to fully compare and analyze all of your filing options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Jan 19 2023 - 3:09pm
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