Social Security Administration warns of $600 stimulus payment increase scam

"SSA warns of $600 scam, urges vigilance. Social Security beneficiaries to receive 3.2% COLA increase in 2024. Stay informed, avoid misinformation."

The Social Security Administration (SSA) has recently issued a warning regarding a scam circulating false information about Social Security recipients receiving a $600 payment increase or a new stimulus check this month. This misleading information has resulted in over 463,000 calls to the SSA in a single day. SSA Commissioner Martin O'Malley has emphasized that reports of a $600 payment increase are entirely false and urged recipients to be cautious and not fall for this scheme.

It is important to note that Social Security-related scams are among the most common government imposter scams in the United States, with consumers losing over $126.5 million last year alone, according to the Federal Trade Commission (FTC). Gail Ennis, the SSA's Inspector General, has underscored that legitimate cost-of-living adjustments (COLA) are automatic and do not require any additional information from beneficiaries.

The annual COLA for 2025 is set to be announced in October, with changes reflected in checks starting in January 2025. The Senior Citizens League has estimated a 2.57% increase, subject to change based on the inflation rate from July to September. While some Social Security payments were adjusted in June due to scheduling conflicts, such as SSI payments being sent a day early because June 1 fell on a Saturday, this adjustment did not result in extra payments. Recipients are advised to stay informed by checking official communications and to be cautious of misinformation.

The 2024 COLA will impact Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) beneficiaries, with a 3.2% increase in monthly benefits. The COLA tracks changes in consumer prices and affects benefit amounts, with SSDI benefit amounts increasing and the cap for blind beneficiaries rising. SSI federal payments will also see an increase, allowing individuals and married couples to receive higher monthly payments.

Overall, the COLA provides a safeguard against rising prices and wages, affecting all beneficiaries, including those receiving disability payments. It is crucial for recipients to stay informed and vigilant against potential scams and misinformation to protect their benefits and financial security.

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