I started receiving my social security benefit in 2020 at age 67 (my FRA was 66) so I received one year DRC. Initial benefit was $2915. In 2021 with the COLA of 1.3% my benefit increased to $2954. With the 2022 new COLA of 5.9% will my new benefit be $2915 x 5.9% or will it be $2954 x 5.9%. In other words, after FRA and receiving social security benefits, are subsequent COLAS cumulative and always based on the latest benefit amount or the initial starting benefit? THANK YOU SO MUCH for your answer : )

Hi. Cost of living (COLA) increases are added to your most recent benefit rate, not your original benefit rate. Therefore, if $2954 is your current benefit rate prior to any deductions (e.g. Medicare premiums, tax withholding), then your new benefit rate would be roughly $2954 x 1.059. Your actual payment amount could vary, though, depending on the amount of any deductions that are withheld from your benefits.

Best, Jerry