Social Security Question

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Topic Author
anonenigma
Posts: 871
Joined: Thu Apr 21, 2011 11:58 pm

Social Security Question

Post by anonenigma »

I will be 67 soon and have not taken Social Security which, because of my teaching career, will be minimal (and diminished by the WEP). I figured I'd wait until 70 since I don't really need the money at the moment.

I've read about the 5.9% inflation adjustment. If I don't take Social Security now, will that apply to my benefit when I eventually do take it, or does it only impact people already receiving monthly payments? If the latter, should I apply for benefits before the end of the year?

Thanks.
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JoeRetire
Posts: 9644
Joined: Tue Jan 16, 2018 2:44 pm

Re: Social Security Question

Post by JoeRetire »

anonenigma wrote: Wed Oct 13, 2021 5:58 pm I've read about the 5.9% inflation adjustment. If I don't take Social Security now, will that apply to my benefit when I eventually do take it
Yes. Whenever you begin receiving your benefits, all COLAs will have been applied. You won't miss out on any of them.
Just remember: it's not a lie if you believe it.
Topic Author
anonenigma
Posts: 871
Joined: Thu Apr 21, 2011 11:58 pm

Re: Social Security Question

Post by anonenigma »

JoeRetire wrote: Wed Oct 13, 2021 6:07 pm
anonenigma wrote: Wed Oct 13, 2021 5:58 pm I've read about the 5.9% inflation adjustment. If I don't take Social Security now, will that apply to my benefit when I eventually do take it
Yes. Whenever you begin receiving your benefits, all COLAs will have been applied. You won't miss out on any of them.
Thanks. Will stick to my original plan.
donall
Posts: 966
Joined: Tue Mar 13, 2012 6:45 am

Re: Social Security Question

Post by donall »

Removed due to error of hold harmless provision
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