Do People Under Age 62 Benefit From The December 2022 8.7% COLA?
Do people under 62 benefit from the Dec 22 8.7% COLA? Wife and I are 60, both have 35 years vested, and don't plan to take SS until 2029 (age 67). I stopped working and wife will stop in two years. Currently SS site projects my monthly to be $3,135 and hers as $3,264 ( total of $76,788) but when I key this into some retirement planners the total combined annual SS Benefits is increased at 2029 by $10K or more. Is that due in part to the Dec 22 Cola and an assumption that COLAs have avg @ 2.5% over past 25 years?