Social Security is sending new checks in just days
United States Social Security beneficiaries in a particular group may enjoy a payment very soon. And that payment will be larger than last year’s March payment. So be sure to take a good look at what the requirements are to find out if you will have a new income available in your checking account on March 20th.
Even so, it is certain that this will not be the last payment of the month. So if you have not yet collected your Social Security in March 2024, you still have time to get it. Mind you, March 20th is the second to last day, so there is only one more payment day left to be able to collect your March benefit.
However, the Social Security Administration has sent two more payments this month. In total, the administration is sending four different payments to retirees in March. If you are part of one group or the other, you will be able to get one of these checks without any problems.
The point is that to be part of one of the groups you only need to meet a couple of requirements. And these requirements are linked to the date of retirement and the date of birth of the retiree. With just that information alone you will be able to find out which Social Security group you belong to.
Who gets the March 20th Social Security check?
In order to collect this new check on March 20th, 2024, we will need to meet only two requirements. On the one hand, it is mandatory to have the benefit as of May 1997. It is not obligatory to have it since that month in particular, but the payment must be made after that time.
It is also obligatory to have your birthday between the 11th and 20th of the month. This other requirement is not optional, but totally mandatory. So if your birthday is on another date you will have to wait to collect the payment on another day.
Remember that the 20th of March 20th is the day to send the check. Whether or not you get it on the same day depends on whether you have activated Direct Deposit. With this collection method, the retirement money will appear immediately. If not, it will take a few days for Social Security to become available.
What is the retirement increase in March 2024?
Social Security checks have increased by 3.2% in the month of March 2024. This implies that for every $1,000 of benefit we can get $32 more in March.
This makes the March 2024 payment larger than the March 2023 payment. However, the payment has not increased with reference to February 2023, so we will get the same payment as in the previous month.
Best of all, the COLA process is fully automatic. Therefore, we do not have to request the payment; it appears directly on our monthly Social Security benefit.