I understand that delaying taking social security from full retirement age (67, based on my birth year) until age 70 results in a 24% increase in the monthly benefit, or 8% per year.
Is this amount in addition to the cost of living adjustment?
If so, is it additional or multiplicative? By that I mean if the COLA for year 1 is 5%, does that mean my benefit in nominal terms goes up by 5% then by 8% for a total of 13.4% or does it go up by the combined amount of 5% + 8% = 13%?