Heads Up: COLA is automatic
By Joel Dresang
Social Security recipients get annual adjustments to their benefits based on government measures of inflation.
The Social Security Administration automatically updates beneficiaries’ monthly checks. Automatically. If you receive Social Security, you don’t have to do anything to get the 3.2% raise that takes effect in January 2024.
Apparently, some scamsters are telling people otherwise, saying they have to provide personal information and a payment to get their cost-of-living adjustment. In a New Year’s blog, the Social Security Administration issues a warning of such swindles – among others.
Here are some ways Social Security suggests keeping fraudsters at bay:
- Following reliable news sources.
- Subscribing to scam alert newsletters.
- Staying connected with your local law enforcement agencies.
Source: New Year’s Resolutions to Combat Scams, Social Security Administration
Joel Dresang is vice president-communications at Landaas & Company.
(Heads Up is an occasional alert on consumer and investment scams.)
Inoculations to protect against scams, by Joel Dresang
How to avoid a government impersonator scam, from the FTC
Government Impostor Scams on the Rise, from AARP
Beware of IRS Imposter Scams, AARP interactive video
Investor Alerts & Bulletins, Securities and Exchange Commission
-- (initially posted Jan. 5, 2024)