Ask Larry

Does My PIA Increase By The Same Annual Inflation Adjustments Whether I'm Collecting Or Not?

I’m 68, single never married, retired at 66, and have delayed taking Social Security benefits to maximize my Delayed Retirement Credits. I had planned to delay until age 70. However, as I see the large percentage increases in SS benefits due to inflation, I would like to know if I am missing out by continuing to delay. Does the primary insurance amount (PIA) increase with annual inflation adjustments by the same amount whether I am collecting or delaying? Thank you.

Hi. Yes. You do not need to start drawing benefits sooner than you had planned in order to receive credit for the upcoming Social Security cost of living (COLA) increase. All Social Security COLAs that occur after a person reaches age 62 are added to their primary insurance amount (PIA) regardless of when they start drawing benefits.

You may want to consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your various options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Posted: 
Jul 13 2022 - 9:18pm
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