I turned 69 in August and want to apply for benefits soon. I want to be sure to get the 8% delayed credit as well as the 2023 COLA. When should I apply so that I get those 2 adjustments in my first check. For instance, if I apply in November, when would my first check come and would it be *5 higher than current estimate plus roughly 8% more for COLA (or whatever it is). Or do I have to wait until January to apply? Also how can I know exactly what the amount will be? Thanks, Larry.

Hi. The first thing you need to know is that you'll get credit for the upcoming cost of living (COLA) increase no matter when you 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 apply for benefits.

Secondly, if you claim benefits effective with any month other than January or the month you reach age 70, you initially only receive credit for any delayed retirement credits (DRC) you earned through December of the prior year. So, for example, if you claim benefits effective with November of 2022, your benefit rate will only include the DRCs you earned through December 2021. Social Security would later recalculate your benefit rate effective with your payment for January 2023 to give you credit for any DRCs you accrued in 2022.

The first month that you could claim benefits and immediately be credited with both all of the DRCs you've earned and the upcoming COLA increase is January 2023. That's the benefit payment that's delivered in February 2023, since Social Security pays benefits a month behind. However, if you claim benefits effective with January 2023 instead of August 2023 when you turn age 70, your monthly benefit rate will permanently be roughly 4.66% lower, and that lower rate could carry over to any future widow's benefits payable on your account.

You should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits. The software can calculate your benefit rate for any month that you choose to start drawing your benefits.

Best, Jerry