Cola impact to my future benefitb

[Polar]

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?  

[GailL1 · Accepted solution]

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 %.

[Polar]

Thanks Gail!  As it turns out, I was comparing a Feb 2022 statement to my Oct 2022 statement and the estimates were the same.   I'll look for my 2021 estimate and compare, but I am certain that you are right.  Thanks again for the quick reply!!