The Social Security Administration (SSA) recently confirmed all the payment dates for the retirement program. As Social Security payments are vital to retirees’ financial well-being, they should mark their March calendar to be aware of the exact days when they will get their monthly benefits.
Social Security is an insurance program funded by payroll withholding and federal tax filings. Workers can receive up to four credits per year. In 2023, for every $1,640 earned, workers could earn one credit. The money is divided into two trust funds: the Old-Age and Survivors Insurance Trust Fund (OASI) for retirees and the Disability Insurance Trust Fund (DI) for disability beneficiaries.
A board of trustees controls the financial operations of the two Social Security trust funds. Four of the six members are secretaries from the Treasury, Labor, and Health and Human Services departments, as well as the Commissioner of Social Security. The final two members are public representatives selected by the president and ratified by the Senate.
How much will retirees receive this month?
Retired workers will get, on average, a monthly check of $1,845. However, depending on the age at which they claim the Social Security benefit, that amount can vary. For instance, if they retired at full retirement age (FRA), which is around 66 or 67, in 2024, their maximum benefit would be $3,822. But if retired workers decide to claim until 62 or 70, they will receive a maximum monthly benefit of $2,710 and $4,873, respectively.
Additionally, retired workers should keep in mind that the Social Security payments for March include the 3.2% increase due to the yearly cost-of-living adjustment (COLA) announced last year. Remember that the amount calculated for each person might differ based on factors such as their retirement age, the amount they pay into Social Security, and the number of years they have made contributions.
Social Security retirement program payment dates are confirmed for March
Aside from the Social Security retirement program, the SSA also provides benefits through Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). Here you will find all confirmed payment dates for the retirement program based on their birth date.
| Social Security retirement program | Date | Payment date |
| Retirement benefits for retirees who applied before May 1997 | March 1st | Payments are usually sent on the 3rd of March. Since this month falls on a Sunday, it will arrive on the 1st of March. |
| Retirement for those retirees who applied after May 1997 | 2nd Wednesday (March 13th)
3rd Wednesday (March 20th) 4th Wednesday (March 27th) |
Day of birth: 1st–10th.
Day of birth: 11th–20th. Day of birth: 21st–31st. |
Also, be aware that, unless they also get Supplemental Security Income (SSI), disabled people receiving RSDI payments follow the same payment schedule as retirees. Payments in this instance are normally made on the first of the month. Check Social Security Benefit Payments 2024 to get detailed information about all-year payment dates.
Which US citizens can get disabled benefits?
People who are unable to work due to a physical or mental disability that is likely to continue for at least a year or result in death may be eligible for Social Security disability benefits (SSDI). To be eligible, you must typically meet specific income requirements. Family members of disabled workers may also be eligible.
As of September 2023, slightly more than 8.5 million Americans received SSDI benefits, as follows:
- The average monthly benefit was $1,350.00 ($16,200/year).
- For disabled workers, the monthly average was $1,486.89 ($17,842.68 per year).
- Spouses of disabled workers received an average monthly salary of $407.72 ($4,892.64 annually), while children of disabled workers received $472.89 ($5,674.68 yearly).