Social Security beneficiaries receive a mysterious $6K deposit. Here is why and how to tell if it is legal or not

If you have recently had a $6,000 deposit everywhere from your bank account, you are not alone.

While the Trump administration is concerned about potential social security cuts, at least 3.2 million Americans will earn growth benefits due to the rules finalized by Biden in the year.

On January 5, President Biden signed the Social Security Fairness Act, which repealed two regulations to reduce welfare payments for many public sector workers, including teachers and firefighters.

According to the Social Security Agency (SSA), as of March 4, 1.1 million Americans have received retroactive payments. So far, the average payment is $6,710.

But not everyone’s social security everyone can expect such huge benefits, and the awareness of this new rule does not leave some room for potential scams. This is what you need to know.

While many former government employees will benefit from this new rule, they are not covered by everyone in the public sector. “Only those who receive pensions based on jobs not covered by Social Security may increase their income,” the SSA clarified.

According to the SSA, 72% of the workforce in the state and local public sectors are unqualified because their payments are not covered by two regulations that have been repealed – the Earnings Elimination Provision (WEP) and the Government Pension Offset (GPO) (GPO).

To view your eligibility and see if you are paying retroactive payments, you can contact SSA directly through their country number 1-800. You may expect a long wait time as the agency plans to lay off about 7,000 jobs in the coming months.

You can also contact your accountant or financial advisor to learn more about how this new rule affects you. However, don't seek help from anyone who calls from SSA. The agency warns that “bad actors” can take advantage of the rules to change.

“SSA will never ask or ask a person to pay for assistance or start with its benefits, increase or trace backwards,” the SSA website said. “Hang up and do not click or respond to anyone who provides an increase or accelerated benefit.”