Ask Larry

Will My COLA Increases Be Included When Calculating My Wife's Spousal Benefits?

My FRA was 12-2018. Will my PIA increase with COLA's when determining my wife's spousal benefits at her FRA in 3-2021? Thank you.

Hi,

Yes. All Social Security cost of living increases (COLA) that occur after a person reaches age 62 are automatically credited to their primary insurance amount (PIA), regardless of whether or not they've started drawing their benefits. And, since unreduced spousal benefits are based on 50% of the worker's PIA, any COLA increases credited to you would affect the spousal benefit rate potentially payable to your wife.

Best, Jerry

Posted: 
Nov 29 2020 - 9:20am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.
$40 Annual Household License
$250 Annual Financial Advisor License