Does S.S. add COLA to S.S. benefits in the years prior to filing your claim?
To clarify the question, here is a hypo.
Hypo estimate of S.S. is $1000.00 per month if claim is made at age 64. S.S estimate is $1100.00 per month if claim is made at age 65. Stop working at 64. Assume a 3% COLA is applied to the monthly payments if payments taken at 64 for payments of $1030 per month. If one waits until 65 to collect, will that 3% COLA raise the estimated amount to $1133 when payments start at 65?
In other words, do COLA increases affect unclaimed benefits? If not, under the hypo, it would make more sense to make the benefit claim at the earlier age, would it not?
To clarify the question, here is a hypo.
Hypo estimate of S.S. is $1000.00 per month if claim is made at age 64. S.S estimate is $1100.00 per month if claim is made at age 65. Stop working at 64. Assume a 3% COLA is applied to the monthly payments if payments taken at 64 for payments of $1030 per month. If one waits until 65 to collect, will that 3% COLA raise the estimated amount to $1133 when payments start at 65?
In other words, do COLA increases affect unclaimed benefits? If not, under the hypo, it would make more sense to make the benefit claim at the earlier age, would it not?