Ask Larry

Will I Receive The 8.7% Cost Of Living Increase?

I applied for Social Security to start on my 62 birthday on Oct 14, 2022. I was approved and online it says I receive my first deposit will be Dec 2, 2022. Will I receive the 8.7% cost of living increase for 2023 starting in January 2023?

Hi. Yes. 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.

By the way, starting your retirement benefits at age 62 will result in you receiving your lowest possible monthly benefit amount for as long as you live. And, if you're married, it might also result in the lowest possible monthly survivor rate for your spouse. You should strongly consider using our software ( to fully compare and analyze all of your various options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Nov 17 2022 - 8:58pm
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