Ask Larry

Will I Receive The 5.9% COLA If I Turn 62 In March 2022?

I turn 62 in March 2022. Will I be entitled to the COLA increase initiated in Jan 2022? My estimated monthly amount from the SSA is the same as I was quoted in Sept 2021. I have applied and received my approval letter with the start date given.

Hi. No, your Social Security retirement benefit rate will not include the 5.9% cost of living increase that went into effect with payments in January 2022. Only people who were born prior to January 2 1960 receive credit for the 5.9% COLA in their retirement benefit rate.

Best, Jerry

Feb 2 2022 - 8:36am
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