I’m 62 and starting Social Security in either December 2022 or January 2023. Will it make a difference in the COLA starting in December versus January.

Hi. No. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits.

What drawing your benefits at age 62 will do is cause you to receive your lowest possible monthly benefit rate. If your full retirement age (FRA) is 67 and if you start drawing your benefits when you reach age 62, your monthly benefit rate will be roughly 30% lower than your FRA rate. And, your age 62 rate would be roughly 76% lower than the rate you'd receive if you waited until age 70 to start drawing your Social Security retirement benefits. Furthermore, taking benefits early can also adversely affect the survivor rate that could be paid to a surviving spouse. Before you decide on when to start drawing your benefits, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry