Many people delay claiming Social Security benefits in hopes of increasing their payout. Luckily, this wait just got more lucrative.

According to Financial Advisor, the 2023 COLA will get factored into the amount an individual is eligible to receive. This amount, the article continues, will be compounded, making the eventual payout even better.

However, it’s important to recognize that everyone’s case is different, so make sure to do your research on the best course of action for you.

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