Social security
I am 67 years old and currently not drawing Social Security. I am confused as to whether or not I will receive the increase for 2022. I did ask this question on the radio and was told I would not however I called Social Security and they said I would receive the increase I start drawing my social security. Unfortunately I am still confused.
Terry Says
These COLAs are indirectly built into your Social Security payments when you start receiving them. For sure, now that you are full retirement age, if you wait until age 70 to start taking benefits, your check will be 8% larger for every year you delay until age 70! So don’t accept their offer –if they contact you — to start even a few months before you reach age 70!
Hang in there. The math is complicated — but believe me it will pay to use other retirement money or savings to live in now and wait another 3 years. That larger check at age 70 is also the “base” upon which future COLAs will be paid –so the larger the base check the better!
