SS cost of living increase

Home Fairmark Forum Retirement Savings and Benefits SS cost of living increase

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  • #65783
    Durangokidd
    Participant

    My wife is contemplating applying for SS within the next six months, she is already retired and until now hasn’t had the need for the income. I see there is an expected cost of living increase coming in January of an estimated 5% or so. My question is will she lose out on that increase if she waits until February to apply? Or will her current expected retirement amount be adjusted by whatever the cost of living increase might be? Thanks in advance

    #65784
    Kaye Thomas
    Moderator

    Cost of living adjustments (“COLAs”) apply to everyone, whether or not they’ve started receiving benefits. Your wife will not miss out on the increase by waiting to begin her benefit.

    #71077
    Alan S.
    Participant

    August CPI W is in at 268.387. If the Sept figure is the same as August, the SS COLA for 2022 will be 5.8%.

    If Sept increases at the same month over month rate of .2% that August increased, the COLA will be 5.9%.

    The rate of increase has slowed from that of early summer.

    #71079
    Kaye Thomas
    Moderator

    Thanks, Alan.

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