Born in 1952, I will wait till age 70 to claim Social Security, thereby increasing my FRA benefit by 8% a year, or 32%, versus claiming at age 66. On top of that 32% increase, will my benefit at age 70 also increase by the cumulative amount of annual cost-of-living increases in the intervening four years? Thank you.
Yes. You get credit for all of the Social Security cost of living (COLA) increases that occur after you turn age 62, even if you wait until age 70 to start drawing your benefits.