My husband wants to retire next year near his 68th birthday. He wonders if he should start taking SS this December to get the COLA. I read a post on your site with same question that states you get the COLA even if you don't start til next year. My question is- )we want to know for planning purposes) - how do we calculate his monthly benefit? And do we have to apply to receive the COLAs from his age 62-68 or do they automatically calculate and adjust? Is there a form you can direct us to? I can't find such a form when I look at the SSA website.
Appreciate your help.
Regards,
Cathy

Hi Cathy. Your husband's Social Security retirement benefit rate will automatically be credited with all of the Social Security cost of living (COLA) increases that occur after his 62nd birthday. He doesn't need to apply in order to receive such increases.

Your husband's Social Security retirement benefit rate will be calculated based on an average of his highest 35 years of Social Security covered wage-indexed earnings. The computation formula is complex, so it would be difficult to calculate on your own. If you'd like to try, you can get a more detailed explanation of the computation formula on the following Social Security website: https://www.ssa.gov/oact/cola/Benefits.html.

Instead of attempting to do your own calculations, though, you and your husband should strongly consider using the benefit calculator included in our software (https://maximizemysocialsecurity.com/purchase). Using the software would also allow you to fully compare and analyze all of your husband's various filing options so that you can determine the best overall strategy for maximizing his benefits.

Best, Jerry