Do Social Security COLAs Get Factored Into Future Payments For People Who Aren't Yet Drawing Benefits?
Hi Larry, Do Social Security COLAs get factored into future payments for people not currently collecting Social Security? My husband is 67 and not yet claiming his Social Security . (We subscribe to Maximize My SSN and we’re following its advice to wait u til 70 to claim). I was told that the COLAs are not added to payment amounts unless one is actively receiving SS. If that is the case, we are considering claiming his SS in Dec 2022 so he will lock in the predicted 8% COLA starting in 2023. Thank you for your help