Since 1975, the Social Security administration has credited a cost of living adjustment (COLA) to combat times of inflation. There has been only two years when the administration didn't assess a COLA raise in 2009 and 2010. COLA is assigned to the benefits filed by the Social Security recipient. Whatever age benefits start, the COLA will be assigned to that monthly income number. Waiting until age 70 would not only maximize your benefit, but the COLA would be benchmarked to that income number, further maximizing benefits.
In part 3 of The Strategies to Max Social Security Benefits, syndicted financial columnist and talk show host Steve Savant interviews Social Security strategist and expert Brian Dorherty, author of Getting Paid to Wait (Bigger Social Security Benefits, the Simple and Easy Way)