Claiming early to get Social Security COLA is a mistake
People
nearing retirement age who have not yet claimed Social Security may be
feeling anxiety about missing next year's large cost-of-living
adjustment, prompting them to consider claiming early, writes consultant
Marcia Mantell. It's important to understand that COLAs "automatically
apply each year after one's 'official' primary insurance amount (PIA) is
calculated at age 62" and that you "do not need to claim early to get
the benefits of the annual COLA," Mantell writes.
Current Social Security recipients will get an 8.7% Social Security cost-of-living adjustment (COLA) in 2023.
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