Ask Larry

Will I Get The 2023 COLA Increase If I Was Born On July 2nd 1961?

Hi Larry, I was born July 2nd 1961 will I be getting the increase in 2023?

Hi. No, assuming that you're referring to your Social Security retirement benefit amount. Only people born prior to January 2 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate, and those people will receive credit for the increase even if they don't start drawing benefits until after the increase occurs.

However, people who are under age 62 and receiving Social Security disability (SSDI) benefits, auxiliary (e.g. spousal, child) benefits, or survivor benefits will have the upcoming 8.7% COLA added to their benefit rate.

Best, Jerry

Oct 28 2022 - 12:13pm
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