I read that due to high inflation, the Social Security COLA adjustment for 2023 might be as high as 10%. If that is accurate, might it be to my advantage to start drawing social security before the end of this year to take advantage of that significant increase?
No, it would not be to your advantage to draw Social Security earlier in late 2022 rather than in early 2023 as you are currently planning.
According to the Social Security Administration, COLA (Cost of Living Adjustment) increases are added to your benefit beginning in the year you reach 62. Benefits are adjusted annually to reflect the increase, and you will benefit from COLA increases “even if you don’t get benefits until your full retirement age or even age 70.” Since you are older than 62, you will benefit from the COLA increase regardless of when you apply for benefits. See more here.
Because your benefit amount increases with every month you delay, starting in late December 2022 rather than February 2023 will actually reduce your Social Security Benefit for life.
As always, the Social Security Administration is available at (800) 772-1213. You may call them and ask what your benefit would be based on the timing of your benefit election.
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