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I'm 63 and stopped working at 57. I have not yet applied for my social security benefit and have been planning on waiting to do so until at least my full retirement age of 66 years 10 months. I just received a social security statement that indicates that my future benefit will be the same as my what was shown on my previous statement. I was under the impression that my future benefits would be increased as a result of COLAs. Can anyone tell me whether the sizable COLAs from last year and next year will be reflected in my future benefits?
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Yes, it will be indicated but probably not until 2023 - that's when the COLA is effective for benefits for the month of January 2023 - paid in Feb. 2023.
You should have seen the 5.9% for 2022 this year compared to your 2021 statement - your benefits are figured when you are 62 - so the average wage index went up that %.
Yes, it will be indicated but probably not until 2023 - that's when the COLA is effective for benefits for the month of January 2023 - paid in Feb. 2023.
You should have seen the 5.9% for 2022 this year compared to your 2021 statement - your benefits are figured when you are 62 - so the average wage index went up that %.
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