Social Security COLA Question

July2022 | Oct 10, 2021 | 41 posts since 2018

Hi Folks,

Im retiring at 62 in July and will draw Social Security starting in August. I am assuming I will be part of the the estimated COLA 6% increase for the year 2022.

My wife will retire almost to the day but a year later in 2023.

My question is: Will the 6% COLA for 2022 increase her overall Social Security benefit for 2023?

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MoneyMoves | Oct 11, 2021 | 149 posts since 2019

PER SOCIAL SECURITY, link below:
You’re eligible for cost-of-living benefit increases starting with the year you
become age 62. This is true even if you don’t get benefits until your full retirement
age or even age 70. We add cost-of-living increases to your benefit beginning with the
year you reach 62.
https://www.ssa.gov/pubs/EN-05-10070.pdf

July2022 | Oct 11, 2021 | 41 posts since 2018

Thank you for the link and the information, Looks like I will squeak in the room of the estimated 6% COLA and the Misses will miss out.
Thanks again!

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