Will the COLA increase my benefits even if I wait to collect them?Published: August 29, 2022
Full question: I am 67 & 2 months. My expected earned benefit will increase by about 8% if I wait until Jan 2023 to claim my benefit. Will my benefit also be increased by the expected 8% + COL ? In other words, would I receive both increases?
After Full Retirement Age, benefits increase by 8% each year until the maximum of age 70.
Cost-of-living adjustments increase benefits starting at age 62 regardless of if someone has already begun collecting benefits.