I'm 69 and am deferring Social Security based on my own earnings. However I'm receiving spousal benefits based on my husband's record and plan to switch at age 70. Does it make sense to switch to my own benefit now and collect the proposed 8.7 percent COLA increase in January since that's more than the 8 percent I earn by waiting?

Hi. You might want to use our software (https://maximizemysocialsecurity.com/purchase) to fully compare your options, but you'll get credit for the upcoming Social Security cost of living (COLA) increase even if you wait until age 70 to start drawing your benefits. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they start collecting their benefits.

The bottom line is, if you start collecting your own benefits now vs. age 70, you'll simply end up lowering your permanent monthly retirement benefit rate by 2/3rds of 1% for each month that you collect your own benefits prior to the month you turn age 70.

Best, Jerry