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Will The COLAs That Occur Before I Reach Age 62 Increase My Future Benefits?

I am 60 years old and have necessary 40 credits for Social Security benefits. I plan on applying for my benefits at age 62 in 2024. Will the COLAs issued from 2002-2004 and until I reach age 62 positively affect my SS benefits in 2004. Thank You

Hi. No. If you turn age 62 in 2024 and on any day other than January 1st, then the first Social Security cost of living (COLA) increase that will be added to your Social Security retirement benefit rate will be the one that occurs in January 2025.

All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits. Up until a person reaches age 62, their Social Security retirement benefit rate is adjusted to keep pace with wage increases rather than cost of living increases. The formula for computing those adjustments is complex, but an explanation can be found on the following Social Security website:

One thing's for certain, if you start drawing your benefits at age 62 you'll receive your lowest possible monthly benefit rate. Retirement benefit rates for people born after January 1 1960 are reduced by roughly 30% if taken at age 62 rather than at full retirement age (FRA), and their age 62 rate is roughly 76% lower than the rate they'd receive if they waited until age 70 to start drawing Social Security retirement benefits. Furthermore, taking benefits early can also adversely affect the survivor rate that could be paid to a surviving spouse. Before you decide on when to start drawing your benefits, you should strongly consider using our software ( to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Aug 22 2022 - 10:09am
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