Larry, I am planning to retire in December 2022. Should I begin SS benefits in December to take advantage of the cost-of-living increase they are talking about, or will I also get the increase if I start benefits in January 2023? I was eligible for benefits (66 and 2 months) in September of 2021. I ran your software and know maximize takes place at age 70, but we will need the funds as soon as I retire. Thanks

Hi. You'll receive the upcoming Social Security cost of living (COLA) no matter when you start drawing your benefits, even if you wait until age 70. You don't need to claim benefits early in order to receive COLA increases. 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 when they apply for benefits.

Best, Jerry