Robert Brokamp
speaker
4,411 appearances
40 recordings
3 series
first heard Oct 2025
last heard 19 Sep
Robert Brokamp’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 40 in all, peaking in Aug 2026 with 5.
Appearances
So when it comes to evaluating when you should claim benefits, don't only think about how it'll affect the amount you receive.
Consider the impact it may have on your family members.
Now a little detour here.
Every year, Social Security benefits receive a cost of living adjustment, also known as the Cola.
based on the consumer price index for urban wage earners and clerical workers, otherwise known as the CPIW, and it's based on that CPIW for July, August, and September.
Given that we're now in that time of year, you'll likely see more headlines with projections about the 2027 COBA.
So, this is a good time to remind everyone that the cola doesn't just benefit those who have already claimed.
The Social Security Administration also adjusts the benefit formula for people who are eligible, so generally age 62 or older, but haven't claimed yet.
So their eventual benefit reflects those annual inflation adjustments.
In other words, you don't need to claim early to lock in a cola.
Your benefit keeps getting inflation adjustments every year you wait on top of the
Delayed retirement credits.
Okay, so we've covered the basics of how a Social Security benefit is calculated.
How can you estimate the amount that you will receive?
Well, you start by accessing your Social Security statement, which can be downloaded at Ssa.gov forward slash my account.
It contains your earnings history, estimate disability benefits, estimate benefits for your survivors.
It also includes a projected retirement benefit based on a range of claiming ages.
And just know that those projections are shown in today's dollars.
So if, for example, your projected benefit at age 67 is say $3,000 a month, it'll likely be higher than that on a nominal basis, but roughly have the same purchasing power as $3,000 today.
Now it's important to know that the estimates you'll see in your statement assume you'll earn the same annual income in the future as you did in the most recent year for which the Social Security Administration has information.
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