A new year means a generous raise for seniors on Social Security. Benefits are going up 8.7% in 2023 thanks to the largest cost-of-living adjustment (COLA) in years.
All told, the average Social Security benefit is expected to rise this month from $1,681 to $1,827. That’s a nice boost — and it could help many seniors gain buying power at a time when living costs are extraordinarily high.
But Social Security’s giant COLA could put more seniors at risk of falling victim to scams. And that’s something beneficiaries should be aware of.
Image source: Getty Images.
Don’t get conned out of your benefits
It’s unfortunate that older people tend to be targeted by financial scammers. The logic is that they may be less tech-savvy than their younger counterparts, and therefore easier to trick.
As such, in the coming days or weeks, you may get a phone call out of the blue from someone claiming to work for the Social Security Administration (SSA). That person might tell you that you need to verify your bank account information so your 8.7% Social Security raise can be processed. You may also be told that you need to give the SSA access to your bank account, including your online banking password, so the agency can process that change.
That right there is an easy way for a scammer to empty out your bank account, take the money, and run. And depending on the information you give out, a scammer might also manage to steal your Social Security benefits by diverting those payments to a…
