Question about Timing of DW's Social Security Claim

[FiveDriver]

My question involves the 8.7% increase starting in January 2023.

My DW's FRA is 66 years and 8 months, which is October 2024. She will turn 65 in February 2023 and start Medicare. It might be more convenient to start SS at that time and just deduct the Premium, rather than mailing Medicare a check every 3 months until she hits FRA. I say MIGHT, all things being equal.

Will the 8.7% increase be added to a claim started in Feb 2023 ?? Or does she have to be 'on the books' in December 2022 to get the increase ??

How does SSA reflect the increase in the PIA amount in a claim started in February 2023 ?? Or do they raise the base wage ??

DW does not have a long work history -- so she might be getting a Spousal boost to bring her up to almost half of my PIA. Is it worth her waiting to reach her FRA so she gets a full 50% of mine ?

OK, so that's three questions.....but you see my dilemma.

 

[MissMolly]

My question involves the 8.7% increase starting in January 2023.



My DW's FRA is 66 years and 8 months, which is October 2024. She will turn 65 in February 2023 and start Medicare. It might be more convenient to start SS at that time and just deduct the Premium, rather than mailing Medicare a check every 3 months until she hits FRA. I say MIGHT, all things being equal.



Will the 8.7% increase be added to a claim started in Feb 2023 ?? Or does she have to be 'on the books' in December 2022 to get the increase ??



How does SSA reflect the increase in the PIA amount in a claim started in February 2023 ?? Or do they raise the base wage ??



DW does not have a long work history -- so she might be getting a Spousal boost to bring her up to almost half of my PIA. Is it worth her waiting to reach her FRA so she gets a full 50% of mine ?



OK, so that's three questions.....but you see my dilemma.

The 8.7% COLA is applied to everyone who is 62 and above this year regardless of whether they have filed for SS or not. So yes. She will get the COLA.

COLAs are always applied to the PIA.

Only you and she can decide if it’s better claim or better to wait.

 

[Al18]

It’s probably a good idea to download your and her benefit statement now to answer some of these questions.

 

[gromit]

You don't have to physically mail Medicare checks for premiums. Mine is automatically deducted monthly from my checking account.

 

[FiveDriver]

The 8.7% COLA is applied to everyone who is 62 and above this year regardless of whether they have filed for SS or not. So yes. She will get the COLA.

COLAs are always applied to the PIA.

Only you and she can decide if it’s better claim or better to wait.

Thank you Ma'm. You answered my question (the way I should have asked it in the first place ;-)

Given that, I think we'll wait to begin her benefit. Starting 20 months early results in a 7% haircut.

 

[Accidental Retiree]

You don't have to physically mail Medicare checks for premiums. Mine is automatically deducted monthly from my checking account.

And mine was charged quarterly to a cash back credit card.