The Social Security Administration (SSA) has just announced a new round of payments of over $4,000 for this Wednesday, March 20th. Millions of retired workers and beneficiaries from the Social Security Disability Insurance (SSDI) program will receive their Social Security benefits.
The SSA is responsible for all aspects of Social Security payments, including retirement, survivor, and disability benefits, as well as Supplemental Security Income (SSI). They also consider an individual’s work history, income, and other characteristics to decide if they are eligible for benefits and compute the monthly amount they will receive based on their lifetime earnings. Finally, the Social Security Administration (SSA) administers the monthly payment schedule, ensuring that millions of Americans get their Social Security benefits on time and accurately.
This month, retired workers will get an average of $1,900 in monthly payments, but keep in mind that the amount of Social Security benefits they receive may vary depending on their age at the time of claiming benefits. For instance, if workers retire at age 62, their pension will be $2,710.
The scenario changes when they wait until they attain full retirement age (FRA), as the maximum monthly income will jump to $3,822. However, if they decide to retire at age 70, your benefit will grow to $4,873. On the other hand, SSDI recipients could get Social Security benefits ranging from $1,300 to $1,600, while blind recipients are allowed to receive up to $2,590 per month.
A new round of Social Security benefits for March
Here is the upcoming round of Social Security benefits for the next two weeks. Please keep in mind that the delivery date is based on the beneficiary’s birth date, and if your check does not arrive on the scheduled date, wait at least three mailing days before contacting the Social Security Administration (SSA).
| Social Security Financial Programs | Arrival date | Payment date |
| Retirement and SSDI benefits |
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Why are Social Security benefits important?
Social Security provides a foundation of income on which workers can build to plan for their retirement. It also provides valuable social insurance protection to workers who become disabled and to families whose breadwinners die. Once someone starts receiving Social Security, their benefits increase to keep pace with inflation, helping to ensure that people do not fall into poverty as they age. In contrast, most private pensions and annuities are not adjusted (or are only partly adjusted) for inflation.
Social Security benefits lift millions of American seniors above the poverty line
Without Social Security benefits, about 4 in 10 adults aged 65 and older would have incomes below the poverty line, all else being equal, according to the Center on Budget and Policy Priorities estimates based on the 2022 March Current Population Survey. Social Security benefits lift more than 15 million older adults above the poverty line, these estimates show.
Research from the U.S. Census Bureau suggests that the official estimates overstate older people’s reliance on Social Security. The study finds that in 2012, 3 in 10 older adults would have been poor without Social Security and that the program lifted more than 10 million older adults above the poverty line. No matter how it is measured, it’s clear that Social Security lifts millions of older adults above the poverty line and dramatically reduces their poverty rate.
Social Security benefits go beyond the facts because they allow American seniors to maintain a reasonable standard of living, cover their basic needs, and possibly live in a place with more freedom and dignity. Without it, many people would face severe financial hardship and may be forced to make difficult choices, such as relying on family or accepting inadequate housing and healthcare options.