Nearly 70 million people rely on Social Security, so it was welcome news when reports about a $600 increase started circulating in June. But there was just one problem: It wasn't true then and it isn't true now.
The Social Security administration was slammed with 140,000 calls when a false rumor circulated that a cost-of-living adjustment (COLA) would add a chunk of money to their checks, according to money.com.
As one might expect, the problem originated on social media, where posts said President Joe Biden had enacted the raise to boost his campaign. Like most things on social media, it wasn't true.
But a cost-of-living increase for Social Security really is planned for January 2025. According to the Senior Citizens League, an advocacy group for older adults, the rise could be 2.75 percent — a little lower than the 3.2 percent in 2024. But the actual amount is still just speculation, and won't be announced until October.
The Social Security Administration advises people to be skeptical of news on social media.
