Social Security: What you should know if you are approaching age 62 and how to claim benefits

There has been an 8.7% increase in cost-of-living adjustment for 2023 that will provide Social Security beneficiaries with their biggest boost of the last fourty years. Some folks can become restless and urged to claim Social Security retirement benefits before their time, we are here to tell you that you might want to wait a little bit before you make any decision. If you are nearing the age of 62, it means you are getting closer to that eligibility age to apply for Social Security retirement benefits. This new COLA increase can be quite attractive for any senior citizen and it’s only natural you want to get in on it.

But economics experts are sending a clear message to all those people: you might want to wait on that. If you don’t claim these benefits now, there is a low chance you will miss on these benefits as most people tend to wait because checks can be reduced. If you just turned 62, you won’t get the full retirement age benefits that range between 66 and 67 years old. It all depends on where you were born, that will grant you 100% of those benefits you earned. Take a little longer to claim, let’s say to age 70 and you will get an 8% boost for every delayed year after retirement age. That sounds better, right?

COLA and Social Security for pre-retirees

The COLA increases what we all know as the primary insurance amount, this is a beneft that you get at full retirement age every calendar year after turning 62. This brings about that 8.7% cost-of-living adjustment regardless if you claimed your benefits or not. Continue to wait and you will get even higher benefits of that as well. This hapens because the discounts for early claiming get reduced. This serves very well for all pre-retirees who are making their plans post retirement. Learn from the ones who didn’t wait so you can get the benefits they didn’t.