Every day there seems to be some new scam we hear about which often preys on the vulnerable. One of the latest is regarding misinformation being spread about a Social Security payment increase.

According to the Social Security Administration, unreliable websites are claiming that Social Security recipients will receive a $600 payment increase or get a new stimulus check this month.

Social Security To Increase Payments By Largest Amount In 40 Years
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“Reports of a $600 payment increase are FALSE, please be aware and don’t fall for this stunt,” Social Security Commissioner Martin O’Malley said in a news release.

The agency didn't specify how the rumor started, but there have been multiple fake news articles making the claim. One even described the bogus payment as the "long-awaited $600 increase."

This false rumor has been so bad that O'Malley said that the Social Security Administration's phone lines were bombarded with more than 463,000 calls in a single day.

O'Malley added, "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.”

The SSA Office of the Inspector General (OIG) is advising the public to be keenly aware of any attempts from individuals seeking to gain personal information for you to receive a cost-of-living adjustment from SSA.

“The annual cost-of-living increases issued by SSA are ALWAYS automatic. No additional information is required for you to receive the legitimate COLA increase,” said Inspector General Gail S. Ennis. “Safeguard your personal information as these reports of misinformation are often scam-related attempts to steal your identity, or your money, or both.”

The annual cost-of-living adjustment (COLA) for 2025 will be announced in October. Any changes in recipients' benefits will appear starting in January 2025.

The Senior Citizens League projects that SSA's COLA will be 2.57%, but that is clearly not set in stone yet.

The final amount is calculated based on the average inflation rate from July to September, which is then compared to the same period from the year before.

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