Retirees and disabled beneficiaries won’t receive more Social Security payments in March as they already cashed their benefits on the 1st of March. These recipients should wait until April to collect the next $1,900 Social Security check.
Social Security provides a guaranteed, progressive benefit that adjusts to rising living costs. The higher a person’s earnings, the higher their benefits will be under Social Security, which is based on the earnings on which payroll taxes are paid. Social Security benefits represent a larger percentage of their prior earnings for workers at lower income levels.
For instance, benefits for a low earner (pay equivalent to 45% of the average wage) who retires in 2023 at age 65 will provide them with $14,824 a year, which will replace roughly half of their previous income. However, benefits for a high earner (at 160 percent of the average pay) replace approximately thirty percent of previous wages, amounting to $32,345, but at a higher dollar amount than those for a low-paid worker.
Social Security payments as a primary source of income
Traditional defined-benefit pension plans, which ensure a specific benefit level upon retirement, are no longer offered by many businesses. Instead, defined-contribution plans, like 401(k)s, pay benefits based on employee contributions and the rate of return they earn. Therefore, for the majority of workers, Social Security will be their only source of guaranteed retirement income that is unaffected by changes in the financial markets or risky investments.
Social Security benefits rise in line with inflation after a person begins receiving them, preventing poverty from setting in as they get older. On the other hand, the majority of private pensions and annuities barely partially or never adjust for inflation. Furthermore, according to the Social Security Administration’s (SSA) most recent statistics report, 37% of men and 42% of women who are 65 years of age or older and receive Social Security benefits receive 50% or more of their total income.
Social Security payments scheduled for the coming months
The Social Security Administration (SSA) regularly schedules two payments for the first week: one for SSI recipients on the first of the month and one for retirees who applied for Social Security benefits before May 1997 on the third of the month. Beneficiaries should be aware that some months may have exceptions due to exceptional circumstances, such as payment dates falling on weekends or US federal holidays.
| Month | Social Security payments |
| April | April 1st: SSI
April 3rd: Retirees |
| May | May 1st: SSI
May 3rd: Retirees |
| June | May 31st: SSI
June 3rd: Retirees |
| July | July 1st: SSI
July 3rd: Retirees |
| August | August 1st: SSI
August 2nd: Retirees |
| September | August 30th: SSI
September 3rd: Retirees |
| October | October 1st: SSI
October 3rd: Retirees |
| November | November 1st: SSI + Retirees |
| December | November 29th: SSI
December 3rd: Retirees |
If your check doesn’t arrive on the scheduled date, please give at least 3 mailing days before contacting the SSA. To get detailed information about the Social Security schedule, check the Social Security Benefit Payments 2024.
Major changes to Social Security payments
Since the mid-1980s, Social Security has collected more taxes and income than it pays out in benefits, resulting in a combined trust fund of approximately $2.8 trillion. However, as more baby boomers retire, the costs of Social Security will rise, and trustees predict that if policymakers do not take action, the combined Old Age and Survivors Insurance (OASI) and Disability Insurance trust funds will be depleted by 2034.
Social Security could continue to rely on Social Security taxes to pay three-fourths of scheduled benefits even after the trust fund reserves are exhausted. Policymakers should raise Social Security’s tax revenues to fill this long-term deficit since the program’s tax base has been declining since 1983 as a result of rising non-taxed fringe benefit costs and population aging.