Some Americans will soon get another payment from the Social Security Administration (SSA) in their bank account. The last Social Security payment for this month will arrive next week on Wednesday, March 27th for retirees and disabled individuals who were born between the 21st and 31st. Retirees who claimed their first Social Security benefit before May 1997 will receive over $1,900 in monthly payments, while recipients from the Social Security Disability Insurance (SSDI) program will get benefits over $1,500.
Even though these checks include the 3.2% increase from the cost of living adjustment (COLA), not all beneficiaries get the same Social Security payment amount throughout the year. Because each beneficiary’s situation is unique, their monthly payments will be determined based on their work history, full retirement age (FRA), and average Social Security contributions made during their lifetime. As a result, some retired workers will receive monthly benefits below the $1,900 average, while others may be eligible for maximum monthly payments of up to $4,873.
Similarly, SSDI beneficiaries will also get a different Social Security payout based on their disability status. On average, a disabled person can earn roughly $1,500 in monthly benefits, but only a tiny fraction may qualify for the maximum SSDI payment of $3,822 in 2024. These disabled people are typically the ones who made their Social Security contributions based on the highest taxable wages before becoming disabled.
Social Security benefits schedule for retired workers and SSDI recipients
After the last Social Security payment for March is completed, retired workers and SSDI recipients will receive their next benefits until the 3rd and 10th of April, respectively. All Social Security payment dates for the coming month are scheduled to be mailed as follows:
- 3rd of April: Retired workers who claimed benefits before May 1997
- April 10th: Birthdate ranges between the 1st and 10th.
- April 17th: Birthdate ranges between the 11th and 20th.
- April 24th: Birthdate ranges between the 21st and 31st.
If your scheduled payment date falls on a weekend or a holiday, you’ll receive an early payment. Such payments will be issued on the weekday immediately before your expected payment date. To get the complete Social Security payment schedule for the year, please check Social Security Benefit Payments 2024.
Social Security payment as a primary income source
Many employers no longer offer traditional defined-benefit pension plans, which guarantee a certain level of benefits upon retirement. As a result, Social Security will be the only source of guaranteed retirement income for the vast majority of workers that is unaffected by fluctuations in the financial markets or high-risk investments.
According to the latest statistics from the Social Security Administration (SSA), most seniors over the age of 65 rely heavily on Social Security as their primary source of income. As of December 31, 2023, nearly nine out of 10 adults aged 65 and older received Social Security benefits. Furthermore, Social Security benefits account for around 30% of the income of those over the age of 65, with 37% of men and 42% of women receiving 50% or more of their income from the program. In addition, the SSA also confirmed that, except for a small percentage of the highest income group, most retirees have modest incomes.
This means that most older Americans from low-income families have very little, if any, pension income. For instance, in 2015, over half of these households made less than $50,000, and nearly one in four had less than $20,000. Being aware of how many senior Americans rely only on Social Security payments allows future retired workers to plan their retirement savings and expenses, as it will make a huge difference for their financial future and well-being.