Does your base benefit (PIA) increase by the COLA amount each year BEFORE you begin taking benefits? Or does your benefit increase by the COLA amount ONLY AFTER starting to receive SS benefit?.
I am planning to delay benefits but am wondering if the 8% annual increase between age 66 and 70 will be eroded by foregoing the COLA amount that current SS recipients receive. When I do the Benefit Estimator at SS.gov every year, it doesn't seem to increase by the current COLA amount. Is there a reference for this in either the SS law or website? I couldn't find it.
No replies have been written yet.
Post your reply
Do you have some thoughts to add or some advice to give?
Only registered Boomeraters can post replies. Log in to your account or Sign up now (it's free)
Looking for a financial advisor?
Search our extensive database of over 3,500 advisors from both independent and large firms.