8.7% Social Security COLA raise? Here come the Social Security SCAMMERS, beware!
The GOOD news: Those already taking their Social Security annuity income benefits in 2023 will see the largest single-year cost of living adjustment raise in their lifetime (so far, and likely their parents lifetime as well!) How much of an increase? 8.7% for everyone getting benefits!
The NOT so great news: Declared inflation is at least that high, and for many consumer goods and services real inflation is trending substantially higher.
The ROTTEN news: Watch out for the predatory scammers who typically show up anytime big financial changes show up for seniors. You may get them calling you live, leaving voicemail messages, sending you text messages, and of course, sending emails.
Just as with the IRS scams, or ‘PC support’ scams, they’ll try to urgently get you on the phone to believe you’ve been hacked, or your Social Security has accidentally been suspended, and they’re calling out of concern and service to “save the day” for you! They’ll then inform you they need to verify certain information in order to re-activate your benefits, and some may even be sol bold to try to convince you that you’ll need to submit a fee to reactivate your accounts.
NONE OF THIS IS TRUE! Your Social Security benefits are directly deposited to your personal checking account. You do not need to do anything to activate your cost of living adjustments, it is automatic. Your account is not suspended, and you do not have to provide any information. The Social Security administration will NOT call you on the phone. They will not use any outside vendor nor service agent to call you (nor email you, nor text you). DO NOT verify your Social Security number, your depository bank account name nor number, your address, nor any other personal information.
We at Leverage Planners have stopped SEVERAL scammers for our client family. Whenever in doubt, call or email us FIRST.
If the caller is making your feel especially anxious, hang up and report the scam to oig.ssa.gov. You can also call 1-800-772-1213.