For many recent COLA questions to Ask Larry, the replies from Jerry included the following statement: "Everyone born prior to January 2 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits." However, please comment on the following excerpt from Mary Beth Franklin's recent article "No need to claim Social Security to cash in on COLA": "There is no need for clients to claim Social Security benefits now to cash in on the huge 8.7% cost-of-living adjustment for 2023. Every year that you are eligible for Social Security, beginning at age 62 and up to the time you claim benefits, each COLA is automatically applied to your future benefit, even if you haven’t yet filed for Social Security. That’s in addition to the delayed retirement credits of 8% per year up to age 70."

Hi. Both statements are accurate, and they both say essentially the same thing. Specifically, that you don't need to be collecting benefits in order for your Social Security retirement benefit rate to be credited with all of the Social Security cost of living (COLA) increases that occur after you turn age 62.

Best, Jerry