Larry, Your column is great! Excellent information! Question - My wife is 8 years older than me. She claimed her reduced retirement benefits at age 62. The spousal benefit for her will be higher than what she is getting. I plan on applying for for benefits at age 70. She will be 78 when I apply. Will she be entitled to the 8 COLA increases (not DRCs) when she applies for spousal benefits? - Curious George

Hi George. The answer is yes, but I should clarify. Your wife's spousal rate would be calculated by subtracting her primary insurance amount (PIA) from 50% of your PIA. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA). And, since PIAs are updated annually to reflect Social Security cost of living (COLA) increases, your wife's future spousal rate will include the COLAs that occur between now and when you start drawing your benefits.

Best, Jerry