Hi, I was 65 in May 2022, I am planning to retire end of December 2022. Should I start collecting in November in order to receive any COLA they may give for January 2023 with all the inflation? If I wait until January will I lose out?

Hi. No, you will not lose out on the 2023 cost of living (COLA) increase no matter when you start drawing benefits. All Social Security COLAs that occur after a person reaches age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits.

Before you apply, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry