Social Security COLA increases - do I need to be collecting benefits at 62 to get the full amount?

You don't need to worry! COLA increases are applied to your benefit calculation whether you're already collecting or not. The Social Security Administration tracks these increases and applies them to your eventual benefit. Your Primary Insurance Amount (PIA) will be adjusted for all COLAs that occur after you turn 62, even if you wait until 67 or even 70 to start collecting. Your brother-in-law is mistaken. In fact, by waiting to claim, you're not only getting all the COLA increases, but you're also earning the delayed retirement credits of approximately 8% per year after your Full Retirement Age, which is a much bigger boost than any typical COLA increase.

ur brother in law doesnt know what hes talking about lol. ive seen this question before on here, the COLA gets added automatically to ur future benefit even if ur not taking SS yet. they keep track of all that stuff

Your question touches on a common misunderstanding about Social Security COLAs (Cost of Living Adjustments). Here's how it works: Once you reach 62 (your earliest eligibility age for retirement benefits), your Primary Insurance Amount (PIA) will receive all COLA increases that occur from that point forward, regardless of when you actually claim benefits. So, for example: - You turn 62 in April 2025 - A COLA increase happens in January 2026 - You wait until age 67 (2030) to claim benefits Your eventual benefit at age 67 will include: 1. All COLA increases from age 62 onward 2. Plus the approximately 8% per year in delayed retirement credits you earn by waiting past your Full Retirement Age Your brother-in-law's advice would actually cost you money in the long run if you don't need the income immediately, as the delayed retirement credits typically outweigh the short-term gains of claiming early.

To be completely clear about this: once you reach age 62, ALL future COLAs are automatically applied to your benefit calculation, whether you're collecting benefits or not. This is handled automatically by SSA's systems. Your benefit at any claiming age will include: 1. Your basic benefit calculation (PIA) 2. Any COLAs that occurred after you turned 62 3. Any reductions for claiming early (before FRA) OR increases for delayed retirement credits (after FRA) So no, you don't lose any COLA increases by waiting to claim your benefits.

I went thru the EXACT same situation last yr!!! Was turning 62 and all my friends said TAKE IT NOW before the COLA happens or you'll miss out!!! Called SSA and spent 3 HOURS on hold just to get disconnected TWICE!!!! FINALLY got thru and they confirmed what others here are saying - COLAs will apply to your benefit calculation whether ur collecting or not once you hit 62. I decided to wait till 67 anyway because the math works better for my situation. The 8% per year increase after FRA is GUARANTEED - find me another investment with that kind of return!!!!

Thanks everyone for the helpful responses! This community is amazing. I'm definitely sticking with my plan to wait until 67 now that I understand how COLAs work. Really appreciate all the detailed explanations about PIAs and delayed retirement credits too - this stuff is so confusing sometimes!

Ok I see lots of responses but nobody's mentioning an important point: COLA increases are usually TINY compared to what you LOSE by not taking benefits early! Last year was only 3.2% COLA but if you wait a whole YEAR to claim, you lose TWELVE MONTHS of payments you'll NEVER get back!!! Just saying, do the math for YOUR situation. Not everyone should wait!

My wife was confused about this same thing! We thought we had to claim right away to get the COLA. Turns out we didn't need to worry. Just FYI though - while COLA adjustments are applied whether you're collecting or not, earnings adjustments (if you're still working) only happen until you start collecting. At least that's what the SSA rep told us.

I'm glad you asked this question because it's such a common misconception! As others have confirmed, you absolutely do NOT need to be collecting benefits to receive COLA increases. The Social Security Administration automatically applies all COLAs to your Primary Insurance Amount (PIA) from age 62 onward, whether you're collecting or not. Your strategy to wait until 67 is smart - you'll get: ✓ All COLA increases from age 62 forward ✓ Your full benefit amount (no early claiming reduction) ✓ Plus any delayed retirement credits if you wait past 67 Your brother-in-law means well, but he's giving you bad advice. The SSA's computer systems handle all of this automatically. You're making the financially sound decision by waiting, especially since you're still working. Don't let anyone pressure you into claiming early unless you actually need the income!

As someone who recently went through this exact decision process, I can confirm what everyone else is saying - you do NOT need to be collecting benefits to get COLA increases! I turned 62 last year and was getting similar pressure from family to "claim now before you lose the COLA." I called SSA directly (took forever to get through!) and the representative was very clear: once you hit 62, your PIA gets adjusted for every COLA that occurs afterward, whether you're collecting or not. It's all automated in their system. The math really does favor waiting if you can afford to. Think about it this way - a typical COLA might be 2-4% annually, but delayed retirement credits give you 8% per year after your FRA. Plus you avoid the permanent reduction that comes with claiming early. Your brother-in-law's heart is in the right place, but this is one of those Social Security myths that just won't die. Stick with your plan to wait until 67 - you're making the smart financial choice!

I'm so glad you asked this question! As a newer member here, I was actually wondering the same thing myself. My mom is 64 and has been getting conflicting advice from friends about when to claim her benefits, with some saying she needs to start collecting before the next COLA to "lock it in." Reading through all these responses has been incredibly educational. It's clear that the SSA automatically applies COLA increases to your PIA from age 62 forward, regardless of when you actually start collecting. The way several people explained the math - comparing typical COLA increases of 2-4% to the guaranteed 8% annual delayed retirement credits - really drives home why waiting can be the better financial strategy for many people. It sounds like this COLA misconception is unfortunately very common, which probably leads to a lot of people making suboptimal claiming decisions. Thanks to everyone who shared their personal experiences and took the time to call SSA for official clarification. This community is such a valuable resource for navigating these complex Social Security rules!

This is such an important question and I'm glad you brought it up! As someone who just joined this community, I've been researching Social Security timing myself and this COLA misconception seems to trip up so many people. Everyone here has given you spot-on advice - COLA increases are automatically applied to your Primary Insurance Amount from age 62 forward, whether you're actively collecting benefits or not. The SSA's computer systems handle this seamlessly, so you won't lose a penny by waiting. What really struck me reading through these responses is how common this myth is. It sounds like financial advisors, family members, and even some SSA representatives sometimes get this wrong! The key thing to remember is that your PIA gets indexed for inflation regardless of your claiming strategy. Your decision to wait until 67 is financially sound, especially since you'll also benefit from avoiding the early claiming reduction and potentially earning delayed retirement credits if you decide to wait even longer. The guaranteed 8% annual increase from delayed retirement credits typically far outweighs any single year's COLA adjustment. Thanks for asking this question - I'm sure it will help many other community members who might be facing similar pressure from well-meaning family and friends!

As a newer member to this community, I want to thank everyone for such thorough and helpful explanations! This discussion has been eye-opening - I had no idea this COLA misconception was so widespread. I'm currently 59 and have been getting conflicting advice from various sources about Social Security timing. Reading through all these responses has given me much more confidence in understanding how COLAs actually work. The fact that they're automatically applied to your PIA from age 62 forward, regardless of when you claim, seems like such a basic but critical piece of information that somehow gets lost in all the noise. What's particularly valuable is hearing from people who actually called the SSA to verify this information firsthand. It's concerning that there's so much misinformation floating around, even from well-meaning family members and friends. For those of us still in the planning phase, this thread serves as a great reminder to verify information from official sources rather than relying on secondhand advice. The math comparing COLA increases (typically 2-4%) to delayed retirement credits (8% annually) really drives home why patience can pay off financially for those who can afford to wait. Thanks again to everyone who shared their experiences and knowledge!

As a newcomer to this community, I want to add my voice to confirm what everyone else has said - you absolutely do NOT need to be collecting Social Security benefits to receive COLA increases! I actually just researched this extensively for my own situation (I turn 62 next year) and can verify that the SSA applies all COLA adjustments to your Primary Insurance Amount automatically from age 62 forward, regardless of when you start claiming. What's been really eye-opening reading through this thread is how pervasive this misconception is. It seems like almost everyone has a family member or friend giving them pressure to "claim before you lose the COLA" - but that's simply not how the system works. Your PIA gets indexed for inflation whether you're receiving payments or not. The math really is compelling for waiting if you can afford to do so. While COLA increases typically run 2-4% annually, delayed retirement credits give you a guaranteed 8% per year after your FRA. That's a significant difference that compounds over time. Your brother-in-law means well, but he's perpetuating a myth that unfortunately leads many people to claim suboptimally. Stick with your plan to wait until 67 - you're making the financially sound decision!

As someone who just joined this community, I want to thank everyone for this incredibly informative discussion! I'm 60 and have been hearing the same conflicting advice from family members about claiming early to "capture" COLA increases. What really resonates with me is how many people here have confirmed through direct SSA contact that COLA adjustments are applied automatically to your Primary Insurance Amount from age 62 onward, whether you're collecting or not. The technical explanations about PIAs and how the SSA's computer systems handle these adjustments automatically have put my mind at ease. I'm particularly struck by the math several people have shared - comparing typical COLA increases of 2-4% to the guaranteed 8% annual delayed retirement credits. When you put it that way, it becomes clear why waiting (if financially feasible) is often the smarter long-term strategy. This thread has been a perfect example of why online communities like this are so valuable. Cutting through widespread misinformation with real experiences and verified facts helps all of us make better decisions about our financial futures. Thanks to the original poster for asking such an important question!

As a new member here, I want to add my perspective after reading through this incredibly helpful discussion! I'm currently 61 and have been getting the exact same pressure from family members to claim at 62 "before I miss out on COLA increases." What's been so valuable about this thread is seeing multiple people confirm through direct SSA contact that COLA adjustments are automatically applied to your Primary Insurance Amount from age 62 forward, regardless of when you actually start collecting benefits. The technical explanations about how the SSA's computer systems handle this seamlessly have really put my concerns to rest. The math comparison that several people have highlighted - typical COLA increases of 2-4% versus the guaranteed 8% annual delayed retirement credits - makes it crystal clear why waiting can be the better financial strategy for those who can afford to do so. It's eye-opening to realize how widespread this COLA misconception is, and how it's probably leading many people to make suboptimal claiming decisions based on well-meaning but incorrect advice from family and friends. Thank you to everyone who took the time to call SSA and verify this information, despite the frustrating hold times! This community is such a valuable resource for cutting through misinformation and getting real answers from people who've actually navigated these complex Social Security decisions.

As a newcomer to this community, I want to thank everyone for this incredibly thorough and reassuring discussion! I'm 63 and have been agonizing over this exact question for months. My entire family has been pressuring me to claim immediately, insisting that I'll "lose" the COLA increases if I wait until my FRA at 67. Reading through all these responses - especially from people who actually called SSA to verify - has given me so much peace of mind. It's clear that COLA adjustments are automatically applied to your PIA from age 62 forward whether you're collecting or not. The SSA's systems handle this seamlessly, which is honestly a relief given how complex these programs can be. What really drives the point home for me is the math several people have shared: typical COLA increases of 2-4% versus guaranteed delayed retirement credits of 8% annually after FRA. When you put it that way, waiting isn't just about getting the COLA increases (which you get anyway) - it's about maximizing your lifetime benefits through those substantial delayed credits. This community is such a valuable resource for cutting through widespread misinformation. I had no idea this COLA myth was so pervasive until reading everyone's similar experiences with family pressure. Thanks to the original poster for asking such an important question that clearly many of us needed answered!

As a newcomer to this community, I wanted to share my recent experience that perfectly aligns with what everyone has been saying here. I just turned 62 last month and was getting intense pressure from my siblings to file immediately because "the COLA is coming in January and you'll miss it if you wait!" I was so confused by all the conflicting advice that I decided to visit my local Social Security office in person rather than deal with the phone hold times everyone mentioned. The representative was very clear and patient in explaining that COLA increases are automatically applied to your Primary Insurance Amount from age 62 onward, regardless of when you actually start collecting benefits. She even showed me a printout of how my future benefit would be calculated, including all projected COLA increases plus the delayed retirement credits I'd earn by waiting past my FRA. It was eye-opening to see the numbers laid out that way - the 8% annual delayed credits really do add up to much more than typical COLA increases over time. What struck me most was how she mentioned that this is one of the most common misconceptions she deals with. Apparently, many people come in panicked about "missing" COLA increases, when in reality the system is designed to protect your benefit's purchasing power whether you're collecting or not. I'm sticking with my plan to wait until 67, and now I have the confidence to push back when family members try to pressure me otherwise. Thanks to everyone here for sharing their experiences - it's so reassuring to know I'm not alone in dealing with this widespread myth!

As a newcomer to this community, I want to add my voice to this incredibly helpful discussion! I'm 59 and have been researching Social Security timing strategies, and this thread has been absolutely invaluable in clearing up the COLA misconception that seems to be everywhere. What really stands out to me is how consistent everyone's experiences have been - whether calling SSA directly, visiting local offices, or researching online, the answer is always the same: COLA increases are automatically applied to your Primary Insurance Amount from age 62 forward, regardless of when you actually claim benefits. The mathematical comparison that keeps coming up - typical COLA increases of 2-4% versus guaranteed delayed retirement credits of 8% annually after FRA - really drives home why this myth is not just wrong, but potentially costly for those who claim early based on it. It's fascinating (and concerning) how widespread this misinformation is. Reading through everyone's stories about family pressure to "claim before you lose the COLA" makes me realize this isn't just isolated confusion - it's become almost like folk wisdom that's being passed down, despite being completely incorrect. Thank you to everyone who shared their real experiences, especially those who went through the hassle of verifying with SSA directly. This community is proving to be such a valuable resource for navigating these complex decisions with accurate information rather than well-meaning but misguided advice from family and friends!