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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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ginahoy  
#1 Posted : Sunday, November 21, 2021 1:05:10 PM(UTC)

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I applied for social security benefits in early November ahead of my 70th birthday next March. Since a 5.9% COLA was announced in mid-October, I was surprised that the benefit amount shown on the online application was the same as what was projected for age 70 at the beginning of the year. I thought there might be a lag in getting the COLA into their system, but I just received a confirmation letter that shows the same amount. Is the first year of benefits not subject to the COLA?
Raoul  
#2 Posted : Sunday, November 21, 2021 4:22:09 PM(UTC)

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It's prorated.
5.9% / 12 months is roughly 1/2 percent per month.
The cola would be roughly 1 percent for a November retirement.
Benefits starting December would be near 1/2 percent.

I don't know how Social Security rounds such things but, I always seem to get truncated.
Retired July 2011
GoHuskers  
#3 Posted : Monday, November 22, 2021 10:58:28 AM(UTC)

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Social Security COLAs are definitely not prorated. You will receive the entire 5.9% increase.

This is more than likely just a timing issue. SSA doesn't convert to the December operating month until the latter part of November. It is at that time that all their systems are updated to reflect the new benefit amounts effective in December.
HoosierDaddy  
#4 Posted : Monday, November 22, 2021 2:41:02 PM(UTC)

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I received an email from Social Security in mid October that stated COLA notices would be mailed out throughout the month of December and can also be viewed online via the my social security message center beginning in early December.
You can't fix stupid, but you can vote it out. https://www.youtube.com/watch?v=DG29PVMtAWE
Raoul  
#5 Posted : Monday, November 22, 2021 2:58:35 PM(UTC)

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Stand corrected.
Had pension on the brain when I typed above.
Social Security cola isn't prorated.
Retired July 2011
thanks 1 user thanked for this useful post.
GWPDA on 11/23/2021(UTC)
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