The Social Security Administration (SSA) confirmed all Social Security payment dates for beneficiaries and retirees of their financial aid programs. As March arrived, the SSA started distributing this month’s payments last Friday by sending checks for a total of $5,816 to eligible recipients across the US.
Social Security offers Supplemental Security Income (SSI) and Old Age, Survivors, and Disability Insurance (OASDI) to qualifying individuals with disabilities, retirees over 65, and survivors of claimants who have passed away. It is anticipated that in 2024, 68 million individuals nationwide will have access to these financial aid initiatives.
The Social Security Agency (SSA) oversees the administration of Older Americans with Disabilities Insurance (OASDI), which is financed by taxes charged on American workers and provides a sizeable income for individuals who qualify. On the other hand, not all claimants receive the same amount of money or are paid on the same day.
Furthermore, the Old Age, Survivors, and Disability Insurance (OASDI) program pays a certain amount based on several factors, including the amount you have worked and paid in taxes throughout your life if you or a family member is disabled, and, if applicable, the wages of a current or previous spouse. It’s important to keep in mind that a person must be blind or disabled, 65 years of age or older, have few to no resources, and earn little to no money.
Mark your calendar for the Social Security payments in March
Apart from the well-known retirement benefits program, the Social Security Administration (SSA) supervises various other financial assistance programs for American citizens, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Here you will find detailed information regarding all Social Security payments confirmed for this month.
March 1st
Supplemental Security Income (SSI) and retirement benefits for individuals born before May 1997 are always paid on the first of the month. The March 1 payment date also applies to Social Security recipients who live abroad.
Retirement and SSDI benefits
The payment date for these benefits is based on your birthdate
- March 13th: beneficiaries with birthdates between the 1st and 10th will get their payment on the 2nd Wednesday of the month.
- March 20th: beneficiaries with birthdates between the 11th and 20th will get their payment on the 3rd Wednesday of the month.
- March 27th: beneficiaries with birthdates between the 21st and 31st will get their payment on the 4th Wednesday of the month.
Why are beneficiaries getting larger checks in March?
In 2024, all Social Security beneficiaries received a cost of living adjustment (COLA) of 3.2 percent to offset the effect of inflation on their benefits. This indicates that checks increased by an average of $50 for each monthly payment. Higher Social Security payments are made to recipients in light of certain factors.
For instance, those who delay retirement will typically receive higher checks, but monthly payments also depend on how much beneficiaries pay into Social Security, which is determined by the number of years of employment they had throughout their working life.
In other words, people who retired at the earliest age of 62 this year only make $2,710 a month. In contrast, the average payout for individuals who retire at the full retirement age of 67 is $3,822. After receiving considerably larger checks last year as a result of the 2023 8.7 percent COLA, many seniors have expressed doubts about this year’s COLA of 3.2 percent.
According to some, seniors’ inflation-adjusted COLA is less than optimal for their daily lives because they face higher prices for housing and healthcare. As a result, several Washington lawmakers want to increase Social Security benefits by changing how the annual COLA is calculated. The legislation proposes several changes to the Social Security program, including two potential solutions to address COLA underestimation issues, allowing retirees to keep up with inflation and essential monthly expenses.