It was a pleasure meeting many of you in person last week at the 2022 Bogleheads Conference. The sessions were all recorded and will eventually be made available on YouTube. I do not know the timing as far as when we should expect that, but I’ll share the link once they come out.
The SSA announced last week that the cost-of-living-adjustment (COLA) will be 8.7% for 2023.
To answer the question I receive every year: for anybody 62 and older, your primary insurance amount gets adjusted by the COLA each year regardless of whether you have filed for your benefit. In other words, a high (or low) COLA in a given year is not really a point in favor of filing earlier or later. (You can find a more thorough explanation for Social Security inflation adjustments here.)
Thanks for reading!
New to Investing? See My Related Book:
Investing Made Simple: Investing in Index Funds Explained in 100 Pages or Less
Topics Covered in the Book:
- Asset Allocation: Why it’s so important, and how to determine your own,
- How to to pick winning mutual funds,
- Roth IRA vs. traditional IRA vs. 401(k),
- Click here to see the full list.
“A wonderful book that tells its readers, with simple logical explanations, our Boglehead Philosophy for successful investing.”
– Taylor Larimore, author of The Bogleheads’ Guide to Investing
October 17, 2022