Yakob started receiving Social Security benefits at age 66+11 months. His PIA is $2,700 , and at his early retirement age, he receives 99.4% of his PIA. The following year, a 1.8% cost-of-living adjustment (COLA) is applied. What will Yakob's monthly benefit be after the COLA?
Answer
A
2 dollars comma 795 point 5 4
B
2 dollars comma 683 point 8 0
C
2 dollars comma 700 point 0 0
D
2 dollars comma 732 point 1 1
Explanation
First apply the early-retirement percentage: $2,700 × 0.994 = $2,683.80 per month. Then apply the 1.8% COLA by multiplying by 1.018: $2,683.80 × 1.018 = $2,732.1084, which rounds to $2,732.11. The correct choice is $2,732.11.
AI-written and checked against the verified answer.