Today, the Social Security Administration (SSA) will deliver checks worth over $1,900 to millions of retirees in the US. The group of retirees who are eligible for this payment are the ones who claimed their benefits before May 1997. Remember that retirees can check their payment schedule online or by calling the SSA.
Even though these checks include a 3.2% COLA increase, each retiree will get a different payment amount based on their particular circumstances. In general, retirees who applied early for their retirement benefits usually received a reduced payment in contrast to those who waited until reaching their full retirement age (FRA). Additionally, citizens should remember that higher career earnings will lead to higher monthly payments.
Besides the retirement benefits program, the Social Security Administration (SSA) administers several other programs, including Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI), to provide financial assistance and support to American residents.
What you need to know about the retiree’s payment
Social Security maximum payment
To calculate the maximum payment for all American retirees, the Social Security Administration (SSA) takes into account their full retirement age (FRA). For instance, if a citizen retires in 2024 at full retirement age, their monthly payments will be $3,822. However, if they retire at 62, which is around 4 years before reaching the FRA, their monthly payment will be reduced to $2,710. Lastly, if citizens waited to retire until age 70, they would be eligible for the maximum benefit that, as of 2024, was set at $4,873.
For those citizens who applied through a spouse’s work, the maximum benefit payment will also be available at their full retirement age (FRA), but it does not increase if they apply after that time. Moreover, remember that, on the assumption that the spouse has died, citizens may be eligible for survivor benefits starting at the age of 60, or 50 if disabled.
Complete Social Security March schedule
Here you will find the complete Social Security schedule for all financial aid programs based on beneficiaries’ birthdate range. Bear in mind that the birthdate range is between the given dates for any month. To get the full-year SS payment schedule, check the Schedule of Social Security Benefit Payments 2024.
| Social Security Financial Programs | Date | Payment date |
| SSI benefits and Retirement (Born before May 1997) | March 1st | Payment always falls on the first of each month. |
| Retirement and SSDI benefits | 2nd Wednesday (March 13th)
3rd Wednesday (March 20th) 4th Wednesday (March 27th) |
Birthdate range: 1st–10th.
Birthdate range: 11th–20th. Birthdate range: 21st–31st. |
Major changes in Social Security payment system
In the last few months, some legislators have been raising concerns about Social Security’s future, as there is a high probability that the federal retirement benefits program will run out of funding before 2034. This concern has grown over time because of the increasing gap between the number of Americans who retire and the reduced number of active workers who sustain the funding program.
According to the latest data from the Social Security Administration (SSA), they send over $1.4 trillion in annual payments to more than 70 million Americans. In addition, over 8 million people have begun collecting benefits in the past ten years.
How to calculate your retirement benefits
Opening a Social Security account is the first step toward determining your retirement benefits and receiving estimates for other benefits based on your earnings. With the Social Security account, you can also calculate your expected future income and see how it affects your retirement age scenarios.
Furthermore, accessing your Social Security account will allow you to download the Social Security Statement, which provides a bar graph displaying your retirement benefit estimates for up to 9 ages when you may want to start benefits.