2023 cola

[MichaelH666889]

If an individual's first social security (retirement) benefit is paid in December 2022, is the January 2023 payment eligible for the 2023 COLA?   What happens if the first social security benefit (retirement) is paid in January 2023? Is that payment eligible for the COLA increase?

[fffred]

@MichaelH666889 

In the first case your benefit will get the COLA applied to your PIA and any delayed retirement credits. In the second case your PIA is recalculated to include the COLA. Either way you get the same % increase.

Except! That a person who is eligible in December but postpones their benefit for a month will gain one month of “delayed retirement credit”, which would act to increase their benefit slightly as well.