Ask Larry

Will My Benefit Be Credited With The 5.9% COLA If I Turn 62 In December 2021?

I turn 62 on 12/26/21. If I opt to start taking SS in Dec 2022 (age 63), will my benefits see the 5.9% COLA increase that is due to happen in 2022?

Hi. Yes. People born prior to January 2 1960 will have the upcoming 5.9% cost of living (COLA) increase added to their Social Security retirement benefit rate regardless of when they start drawing their benefits.

Best, Jerry

Oct 14 2021 - 7:57am
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