I turned 62 in September and am contemplating applying now. Will the COLA be affected by applying now, or should I wait until January 2023?

Hi. No. Since you turned age 62 prior to January 2 2023, your Social Security retirement benefit rate will be increased by the upcoming 8.7% cost of living (COLA) increase regardless of when you start drawing benefits.

Your best strategy for claiming benefits depends on a number of different individual factors. Before applying for benefits, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry