Cost Of Living Increases | Maximize My Social Security (2024)

Greetings, I'm an expert well-versed in Social Security and its intricacies. My depth of knowledge in this domain is substantiated by an extensive understanding of the concepts involved and the ability to interpret and analyze complex scenarios. I've kept abreast of the latest developments up until my last knowledge update in January 2022.

Now, let's delve into the article excerpts you provided:

1. Will I Get The 2023 COLA If I'm 65 And Not Yet Collecting Benefits?

   • Yes, individuals over 65 who have not started collecting Social Security will receive the 2023 Cost of Living Adjustment (COLA) increase. The COLA is applied to Social Security retirement benefit rates for individuals aged 62 and older.

2. Will My Spousal Rate Include The 8.7% 2023 COLA If I Wait Until January 2024 To Claim Spousal Benefits?

   • If you wait until January 2024 to claim spousal benefits, you will benefit from the 8.7% COLA increase for 2023. The COLA is applied to Social Security benefits, including spousal benefits, based on the year it is claimed.

3. Is What A CFP Told Me True?

   • The claim that turning 62 in December 2023 entitles an individual to exactly one month of the 8.7% Social Security COLA for 2023 seems unsupported. The COLA is generally applied to benefit rates for individuals aged 62 and older, not specifically for one month upon turning 62.

4. Can You Comment On The Following Article?

   • The statement by Jerry regarding everyone born before January 2, 1961, receiving the 8.7% COLA increase is in line with the general understanding. However, Mary Beth Franklin's article suggests that claiming Social Security benefits is not necessary to benefit from the COLA, indicating that the COLA is applied regardless of benefit claims.

5. Can I Still Get The 8.7% COLA If I Wait Until I Turn 70 To Apply?

   • Yes, individuals born prior to January 2, 1961, will receive the 8.7% COLA increase for 2023, regardless of when they start collecting Social Security benefits.

6. Is It True That If Someone Waits Until Age 70 To Collect Benefits They Don't Receive COLA Increases Between Ages 60 And 70?

   • There seems to be a misunderstanding in the question. COLA increases are applied annually to Social Security benefits, and individuals waiting until age 70 will still receive these annual increases between ages 60 and 70.

7. Will I Get The COLA If I Was Born On January 28th, 1961?

   • No, individuals born on or after January 2, 1961, will not have the recent 8.7% COLA increase added to their Social Security retirement benefit rate.

8. Why Doesn't The Age 70 Estimate On My Social Security Benefit Statement Include The 8.7% COLA?

   • The age 70 estimate on the Social Security benefit statement may not include the 8.7% COLA because projections may not always reflect future COLA adjustments accurately.

9. Will My SS Account Get The 8.7% COLA Raise?

   • Individuals born on or before January 1, 1961, will receive the 2023 8.7% COLA increase when calculating their Social Security retirement benefit rate.

10. Will I Receive Increases In Both Of My Benefits?

    • The question about receiving increases in both DIC (Dependency and Indemnity Compensation) and Social Security benefits is not entirely clear. The response would depend on specific circ*mstances, disability status, and other factors.

In conclusion, the provided excerpts cover various aspects of Social Security, including COLA adjustments, spousal benefits, and age-related considerations. If you have further questions or need clarification on any specific topic, feel free to ask.