Social Security: Beware of Scams After Latest $1,187 Payments

Recipients received their Social Security payments on the third Wednesday of the month, with the cost-of-living adjustment for 2023 already applied.

Social Security payments can expect a major increase after the 8.7% to help curb inflation. It was considered to be the biggest increase in the last 40 years.

Recipients got their first January 2023 SSI payment on December 30.

People with birth dates falling on the 1st and 10th of the month usually get their payments on the second Wednesday, while those with birth dates on the 11th and 20th receive benefits on the third Wednesday.

Recipients with birth dates on the 21st and 31st receive theirs on the fourth Wednesday.

Retirement payments for other beneficiaries will be sent in February, with recipients born between the 11th and 20th of a month receiving theirs on February 15.

Meanwhile, the Better Business Bureau warned eligible Social Security recipients to be cautious of scammers.

Social Security Scam

The BBB said that due to the inflation adjustments, payments will increase by 8.7% this year and scammers are taking advantage.

The bureau noted that recipients of Social Security benefits should stay alert to the signs of a scam.

It was reported that the fake Social Security Administration representative claims recipients must apply for their COLA increase. Scammers can contact recipients by phone, text, or email.

The scammer will then ask recipients to verify their identity by sharing personal details including their full name, address, or Social Security number.

Some may even ask recipients for their bank account information, claiming that the fake representative will deposit the extra money directly into their accounts.

The BBB said that if recipients give their information to the person in question, they will have gained access to the recipient's most sensitive personal information, which could lead to identity theft.

Scammers might even be able to access the recipient's money once they have the necessary information from beneficiaries.

Social Security Payments

Social Security Administration noted that recipients who retired at 67 will receive a maximum check of $3,345 while those who retired at 62 will get up to $2,364.

The retirement benefits from the SSA are issued to recipients in three series.

SSA also distribute disability insurance or Supplemental Security Income, aside from the usual retirement benefits.

Payments vary based on the lifetime savings that recipients have made.

Social Security benefits can also be taxable if people reached certain requirements.

The Internal Revenue Service noted that all income is considered taxable unless it is exempted by law.

Some of those exemptions include inheritance gifts, death insurance, and life insurance, according to Mark Steber, Jackson Hewitt's chief tax information officer.

Up to 85% of recipients' Social Security benefits are taxable if half of the benefits plus all other income is more than $34,000 for individuals.

For a married couple filing jointly, Social Security can be taxable for up to 85% if benefits plus all other income is more than $44,000.

This article is owned by Latin Post.

Written by: Mary Webber

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