Ask Terry Questions COLA on my SS

COLA on my SS

By Terry Savage on February 28, 2024 | Financial Planning / Retirement

I am 67 and have not started collecting my SS. When I go my account to see what my amount per month would be I don”t think the 3.2% COLA was added onto the monthly payout. I had looked last year and it’s the same amount. I was told I would receive a notice on my account which I never received. Does it not get added into you start taking SS ?

Terry Says

It does not get added in to your calculations until you retire, since the COLA is applied on your fixed base amount. PLEASE, try not to take SS until age 70. It will cost you 8% a year — and that’s the higher base on which future COLAs will be calculated!

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