The Social Security Administration (SSA) confirmed the second round of March payments worth $4,873 for eligible retirees. The next scheduled Social Security payments will be mailed on the third week of this month.
The Social Security retirement program provides around $1,845 in payment benefits, on average. However, this amount could vary depending on several variables, such as age, working history, and average payments through their career. Retirees born on or between the 1st and 10th of the month will receive their payments on March 13, while retirees born between the 11th and 20th of the month will receive their payments on March 20.
Social Security payment dates scheduled for March
Here you will find all the fourth rounds of check payments for beneficiaries in March. Bear in mind that this month comes with one exception, as the first week of the month won’t have any payments scheduled. Check the Social Security Benefit Payments 2024 for detailed information.
- Beneficiaries born from the 1st to the 10th of any month will get their payment on Wednesday, March 13th.
- Beneficiaries born from the 11th to the 20th of any month will get their payment on Wednesday, March 20th.
- Beneficiaries born from the 21st to the 31st of any month will get their payment on Wednesday, March 27th.
Eligible retirees can get up to $4,873 monthly payments
According to the Social Security Administration (SSA), a person’s maximum benefit upon retirement at full retirement age (FRA) of 67 is $3,822 per month, whereas those who retire at 62, the youngest age allowed to apply for Social Security, will only receive up to $2,710 per month. But if they retire at age 70 in 2024, the maximum benefit would be $4,873.
Keep in mind that your monthly Social Security income is determined by four key factors: job duration, earnings history, full retirement age, and the age at which you begin claiming. As a result, the Social Security Administration will average your earnings across 35 years of employment, calculating the net benefit based on the highest earnings.
Before beginning to submit claims, you must verify that you have worked for a minimum of 35 years to receive the maximum payment. If you have worked for fewer than 35 years, zeros will be added to your earnings average; this will reduce both your average and benefit.
Furthermore, your income must reach the maximum taxable earnings limit, which is the largest amount subject to Social Security taxes. Because of inflation, the annual ceiling is different. However, it will only be $168,600 in 2024. To put things in perspective, in 1989, 35 years ago, the cap was set at $48,000 per year.
Why should future retirees wait until 70 to claim retirement?
As the United Income Report stated, delaying Social Security claims can be financially beneficial for most older people. Researchers discovered that 62 and 63 were the worst options for retirees, accounting for only 6.5% of their lifetime earnings.
Delaying claims until age 70 could have helped nearly 57% of retirees build more lifetime wealth. The average retired household loses $111,000 in lifetime income as a result of applying for benefits at a later age. Thus, the age at which you begin claiming can have a significant impact on your monthly payments, so consider your options now to ensure a successful retirement.
What happens with Social Security payments when retirees still work?
If a retiree earns more than his or her earnings cap in the year preceding full retirement age (66-67), their Social Security benefit payment will be temporarily reduced. After reaching the full retirement age (FRA), retirees can work and earn as much as they wish without having to reduce their pension payments.