Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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And so the COLA is actually pretty big this year, right?
So it's going to add a significant amount in dollar terms to people's incomes.
You know, some people may see...
themselves exceed these thresholds at which some of their benefits become taxable, other people may trigger other tax consequences.
For example, the added Social Security income for 2023 might push you into a higher tax bracket, or for some people who have a higher income, the added Social Security could even trigger higher Medicare premiums, which is, you know, those are pretty expensive.
If you are between age 62 and 70, you are eligible to claim Social Security.
You don't have to claim.
I mean, you can delay, right?
So a lot of people delay claiming until they reach their full retirement age, which for a lot of people is about 66 or 67, depending on the year you were born.
To get a maximum benefit, a lot of people delay claiming until they're 70.
So anyway, for every month in which you delay between age 62 and 70, Social Security actually bumps up your payment.
On top of that, Social Security provides an annual cost of living increase.
Those start at age 62.
whether you claim benefits or not.
Even if you delay, once you're 62, you're going to start getting that COLA.
So people who are eligible to claim, who haven't, and they're in that age range of 62 to 70, they don't need to run out and claim their benefits in order to get next year's COLA.
It's going to be included in what they eventually receive.
So Social Security beneficiaries receive a cost of living adjustment every year, and it's calculated based on third quarter inflation.
So what the government does is it looks at the third quarter rate of inflation
And it compares it to the rate from the third quarter last year.
Showing 1341–1360 of 4,485 · page 68 of 225
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