Seniors collecting Social Security look forward to January each year. That’s when the annual cost-of-living adjustment (COLA) gets added to your monthly benefit. This year, recipients are excited about the 8.7 percent hike in 2023, the highest COLA increase in decades.
The Motley Fool warns scammers are well aware of this. So, they’re scheming to find ways to cheat you out of your benefits. There are different ways they might try to trick you into giving up confidential information that might give them access to your bank account or credit cards.
A likely ruse might be to call and say they are from the Social Security Administration (SSA). They might tell you that in order for your COLA increase to be processed, they need your bank account number and possibly the online password you use to access it.
There are two things you need to know that will tell you this is a scam. First, SSA will never contact you by phone, text, or email. All communications to beneficiaries are in writing and come through the mail.
Second, COLA increases are automatically processed without your involvement. There is no need to apply or contact SSA for any reason to receive the increase.
You Deserve Meaningful COLAs
Extra income will be welcome in 2023 as seniors deal with inflation. That’s why here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. We want this bill to make up for prior Social Security COLAs that didn’t provide what you needed and deserved. If we succeed, seniors will be reimbursed the $581 that should have been paid out all along.
Please sign our petition right away to show greedy politicians how many people support this bill.
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