American seniors will receive a new Social Security benefit this month, including the 3.2% cost of living adjustment (COLA) increase to keep pace with inflation. Keep in mind that Social Security senior beneficiaries receive a monthly payment of $1,900, but there are additional maximum payment amounts available to eligible seniors. Monthly benefits are determined by the age at which you claimed retirement benefits and your employment history.
More than 17 million Americans aged 65 and older are economically insecure, living at or below 200% of the federal poverty level (FPL) ($29,160 a year for a single person in 2023). These older people face escalating housing and healthcare costs, insufficient nutrition, limited access to transportation, depleted finances, and job loss. For seniors who are over the poverty line, one large unfavorable life event might transform today’s realities into tomorrow’s problems.
As a result, Social Security benefit programs are essential for retirees and future seniors in America. Since its foundation, the Social Security Administration (SSA) has been there to ensure that American citizens can live their golden years in stability. Thanks to Social Security payments, millions of older adults have been able to stay above the poverty line.
Without Social Security benefits, it is estimated that around 4 in 10 people aged 65 and older would have incomes below the poverty line. Additionally, according to SSA’s calculations based on the 2022 March Current Population Survey, the Social Security benefit programs have helped more than 15 million seniors get out of poverty.
All Social Security payment dates for March 2024
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. |
Social Security benefit programs care about everybody
For low-income groups, such as black and Latino workers and their families, who experience higher rates of poverty both during their working years and in old age, Social Security is a very significant source of income. These groups also have fewer opportunities to save money and earn pensions. Compared to older white individuals, the poverty rate is almost twice as high among black and Latino adults.
Compared to their white counterparts, seniors of color experience greater retirement insecurity due to a sizable racial wealth difference. Black and Latino employees are more likely to work in low-paying positions with limited room for savings, and they are also less likely to be provided workplace retirement plans. The difference in income between older white individuals and older adults of color is lessened in part by Social Security.
Social Security benefits go beyond retirement
For families of color, Social Security is vital beyond retirement. Because they often earn less throughout their lives than white workers and have greater rates of disability and premature death, black and Latino workers receive a considerable benefit from Social Security.
Due to enduring racial inequities in access to and quality of health care, as well as in food, cheap housing, good schools, and economic opportunity, black workers are more likely to get disabled or pass away before retirement. In addition to having longer average life expectancies and a higher chance of disability than white workers, Latino workers also have more years they need to gather for retirement benefits.