Dear Liz: When the Social Security Administration makes its cost of living adjustments, do these increases get factored into the benefit amounts for people who are not yet collecting their Social Security?
Answer: Social Security’s inflation adjustments are factored into your retirement benefits starting at age 62, whether or not you’re actually collecting checks. So there’s no reason to speed up an application just to lock in a cost of living adjustment.
When I take Social Security at to, will they automatically deduct my Medicare premium?
Typically, yes.