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Social security

By Terry Savage on September 04, 2022 | Financial Planning / Retirement

I was planning on waiting until next year, when I turn 70, to take my social security. I’ve heard that the cost of living this January could be as high as 10.4%. When the cola is higher than the 8% you get each year for waiting to collect social security, do you get the cola rate that year or the usual 8%?

Terry Says

You get BOTH! shocking, I know. But I raised that question repeatedly with SS expert Larry Kotlikoff, and he assures me that the COLA is built into the base for next year. So be sure to wait until you reach age 70!!!

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