Ask Larry

Will I Miss Out On The Large COLA Increase If I Don't Become Eligible For Benefits By December 2022?

I am 71 and have not yet taken my SS benefit. I know that DRCs stopped when I reached age 70. I have a low benefit due to the WEP and have declined to file so that I may fund an HSA and reap those tax benefits. My question is, if I do not become eligible for my SS benefit in/before December 2022, will the benefit not be increased by the large COLA that is being applied this year.? Thanks much.

Hi. Your Social Security retirement benefit amount will be credited with the upcoming 8.7% cost of living (COLA) increase regardless of when, or if, you apply for benefits. Everyone 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 regardless of whether or not they are drawing benefits.

I assume you've done the math and have decided that the tax advantages of participating in your HSA outweigh the benefits you're losing by not applying for Social Security benefits. However, you may want to consider using one of our software options ( or to make sure you're making a wise decision.

Best, Jerry

Nov 22 2022 - 4:31pm
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