Do I already need to be collecting benefits to receive the cost-of-living adjustment?
Published: January 18, 2022Full question: Is it preferable to start collecting as of December 2021 rather than March 2022 in order to qualify for the 5.9% cola increase?
Hello,
For retirees who are already collecting benefits prior to January of a given year, they will automatically see an increase come January for the Cost-Of-Living.
However, those who are not yet collecting may also see an increase. Those who are 62 and older and are not yet collecting will also see an increase in benefits due to the Cost-Of-Living adjustment so do not apply sooner than you would thinking you will not get the COLA for 2022!
Take care,
Martha