The annual COLA — cost of living — increase impacts only those who are already collecting. There is another important number that will impact your original basic benefit (beyond the age at which you start collecting). It is known as the Average Wage Index. To read more about that, click here.
It is the adjustment of the base payment “corrected” for the increases in the average wages earned (sort of,but not exactly), an inflation index to the base upon which you receive your first SS payment. This year the adjustment to the base was slightly over 2%.