I will turn 62 on December 31st. I'm going to sign up in October. Will I be eligible for the 8% increase in January?

Thank you.

Hi. The actual Social Security cost of living (COLA) increase that will be added to benefits next January is not yet known, but whatever that increase is it will be included in your Social Security retirement benefit rate no matter when you start drawing benefits. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to a their Social Security retirement benefit rate regardless of whether or not they are collecting benefits.

In other words, since you'll reach age 62 prior to January 2023, you don't need to apply for benefits at age 62 in order to receive credit for the 2023 Social Security COLA. What starting your benefits at age 62 will do is cause you to receive your lowest possible monthly benefit rate, and if you're married then starting your benefits at age 62 could result in your spouse ending up with their lowest possible survivor rate. Before filing for your benefits, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry