I know each year if I dealy to apply for SSB, I will get 8% more till I reach 70. For 2022 the COLA is 5.9%, would I see a ~14% increase (8% + 5.9%) if I apply for SSB in 2022 vs I apply for it in 2021?
Why only an 8% annual increase in SSB but not the 8% plus annual COLA increase are mentioned by people who are experts ln SSB?
Hi. You would get the recent 5.9% cost of living (COLA) increase in your Social Security retirement benefit rate as long as you were born no later than January 1 1960. You don't need to be drawing benefits in order to receive credit for any Social Security COLA increases that occur after you turn age 62.
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