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The United States Government has warned Americans to take extra care when checking information relating to their Social Security payments after releasing information about a scam.
Scammers are circulating misinformation around a $600 fake Social Security benefit increase, alleging that an increase will be issued in June 2024.
However, U.S. officials have stressed that any information regarding a current $600 increase in the cost-of-living adjustment (COLA) is "false" and "should be ignored".
The SSA's Office of the Inspector General (OIG) is advising the public to be keenly aware of any attempts from persons seeking to gain your personal information for you to receive a cost-of-living adjustment (COLA) from SSA.
"Reports of a $600 payment increase are FALSE, please be aware and don't fall for this stunt," said Social Security Commissioner Martin O'Malley. "We are alerting the public to these falsehoods, and we are addressing these bogus claims at the source. No Cost-of-Living Adjustment (COLA) increase will occur until January 2025.
Inspector General Gail S. Ennis added that the annual cost-of-living increases are "always automatic" and no additional information is required to receive the COLA increase.
Claimants are advised to be extra cautious in safeguarding their personal information as scammers may attempt to steal your identity, money or both.
Will there be a COLA increase in the future?
Since 1983, SSA has issued its annual COLA in December, with SSA claimants sent notices in early December about benefit amounts for their upcoming January payments.
In addition, Social Security accountholders will be able to see their notice online once the adjustment is announced.
The Social Security Administration (SSA) have said they will issue a new COLA in October, if it applies. The COLA would then commence with benefits payable in January 2025.
Those who have been left unsure about COLA information should head over to the official SSA website for accurate information.
From MARCA, we apologise for echoing erroneous information related to this.