Your Social Security cost-of-living raise

Ask NJMoneyHelp

Photo: melodi2/morguefile.com

Q. I turn 62 late December 2017, and received my Social Security award letter. I’m eligible for benefits in January 2018, which are payable in February 2018. Will I get the Cost of Living Adjustments (COLA) that was just announced?
— Retiring

A. Congrats on your retirement!

If you already has filed for Social Security retirement benefits and received a notice of award, that notice probably doesn’t include the Cost of Living Adjustment (COLA), which was announced earlier this month, said Everett Lo, a Social Security Administration spokesman.

But when your benefit is paid beginning next year, it will reflect the recently announced 2 percent COLA increase, Lo said.

He recommends you sign up for “my Social Security” where you can manage your Social Security benefits online and review important notices, such as the forthcoming COLA notice.

Social Security makes information about COLA available online here and you should also check out its factsheet about COLA here.

Email your questions to moc.p1511336425leHye1511336425noMJN1511336425@ksA1511336425.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.