March has already distributed some Social Security benefits through these weeks. While some beneficiaries have already cashed their benefits, others are still waiting for their checks to arrive. This month, certain retired workers will be qualified to receive more than $4,000 on this day.
Every year, the Social Security Administration (SSA) sends out approximately $1.5 trillion in Social Security benefits, which contribute significantly to the economy of millions of Americans. These payments provide a safety net for many seniors who rely on this source of income to cover basic living expenses and make ends meet
Seniors should also be aware that their Social Security benefits in March will include the 3.2% increase coming from the cost of living adjustment (COLA), which was announced last year. This increase is intended to allow seniors and overall American citizens to keep up with inflation.
Seniors eligible to receive more than $4,000
Some eligible seniors receive checks for more than $4,000 each month because they have previously met several requirements. The age at which you retire determines the amount of Social Security benefits you receive. In 2024, the maximum benefit you can receive is determined by your retirement age, as follows:
- If you retire at age 62, you’ll receive the lowest amount, which is $2,710 per month.
- As you delay retirement, the benefit increases. Those retiring at full retirement age, which varies depending on your birth year, can receive up to $3,822 per month.
- If you wait even longer and retire at age 70, you’ll be eligible for the highest benefit, which is $4,873 per month.
Social Security payment schedule announced for March
Here you will find the next Social Security payments for the coming weeks. Remember that the Social Security schedule is based on each citizen’s financial assistance program and birthdate range.
- March 1st: Beneficiaries eligible for Supplemental Security Income (SSI) benefits and retirees who received Social Security before May 1997
- Second Wednesday, March 13th: If the birthday is on the 1st through the 10th of any month
- Third Wednesday, March 20th: If the birthday is on the 11th through the 20th of any month
- Fourth Wednesday, March 27th: If the birthday is on the 21st through the 31st of any month
The Social Security Administration (SSA) approved this kind of schedule in June 1997. Previously, all benefit payments were made on the third of each month, but this became inefficient as the number of beneficiaries grew. To get the annual payment schedule, check the Schedule of Social Security Benefit Payments 2024.
How can you calculate your Social Security benefits?
Social Security has added a new option that simplifies retirement calculations by calculating payments based on lifetime earnings. The feature suggests applying for monthly benefits between the ages of 62 and 70, as rewards increase over longer application periods. For those who expect to work while receiving Social Security benefits, the benefit calculator can assist them in establishing their complete retirement age and earnings limits.
Retirement is meant to be a stress-free period of living comfortably and fully. However, 22% of Americans have less than $5,000 saved for retirement, 15% have no money saved at all, and one in four seniors has saved no more than $500 to save for medical expenses. Therefore, calculating your Social Security benefits is vital to managing your financial budget and enjoying your golden years.
Opening a Social Security account is the first step toward determining your retirement benefits and receiving estimates for various benefits based on your earnings. You can also project your expected future income with the Social Security account and see how that affects your retirement age predictions. The online Social Security Statement is also accessible through a personal Social Security account. An estimated retirement benefit bar graph for up to nine possible ages at which you might wish to begin benefits is included in the statement.