I will shed a bit of light on this... First, you NEED to FORGET that 2% annual COLA increase. Last year, it was ZERO. This year it was .3%. That is three tenths of one percent. Pennies! Second, waiting does indeed increase your benefit. Your benefit increases EACH MONTH that you wait. Not each year. Third, COLA increases are NOT factored into your benefit. As far as I know, the calculation of your benefit when you apply does not include any yearly increases. So, what happened to me was that I went into the SS office in November of the year that I applied. I was told by the agent that my benefit would increase by around $20/month for each month that I waited to collect. BUT, if I did NOT sign up then, I would lose the COLA increase for the coming year. So, I applied. I got my check for December of that year at the rate I was told by the agent. Then there was an increase that year. It brought my benefit to the SAME dollar amount that it would have been had I waited to January to collect. That meant that my check for December was "found" money because if I had waited until past the increase, it would not have affected what would have been my benefit. Confusing.
You need to keep in mind that yearly increases are NOT chiseled in stone. Some years, there is an increase. Other years there is none. sometimes there is no increase for several years. You can only count on the hard numbers that you already have.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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