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I know that if you start collecting social security at 62 you get 20% less than you would at 65. But the benefits you receive at 62 will increase with COLA allowances. Does this mean that if you receive 3% COLA allowances after you start taking social security at 62, your benefit will actually only be 13% lower by the time you hit 65 than it would have been if you waited until 65? Or would the age 65 benefit already have increased by the same amount by the time you hit 65, in order to maintain the 20% spread?

Walter Branson

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