Social Security Recipients Getting $1,537 Payment This Month

Social Security recipients will earn an average payment of $1,537 this month, but they need to keep their eyes out for the specific date their check arrives.

Social Security retirement and disability beneficiaries get their payments each month, but checks have been a bit higher since January when the 2024 cost of living adjustment (COLA) went into effect.

Today, the highest amount available is $4,800 for seniors who waited until age 70 and are among the highest earners. For retirement beneficiaries, the average amount is set at $1,906.

For SSDI recipients, though, benefits are a bit lower. The average payment is $1,537, although many will receive a bit more or less than that based on their specific situation.

The Payment Schedule

The date you should expect your benefits depends on your birthday for most recipients.

Everyone who has a birthday between the first through the 10th should see checks arrive on the second Wednesday of the month, which happens to be March 13.

Meanwhile, those born between the 11th and 20th will get payments on March 20, the third Wednesday of the month.

Finally, on the fourth Wednesday, all checks for those with birthdays from the 21st and 31st of any month will be deposited.

There are a few exceptions, however. Those who have been receiving payments since before May 1997 will get checks on the third of each month.

And for the special beneficiaries claiming both Social Security and Supplemental Security Income, your SSI check arrived on March 1 and your Social Security payment arrived on March 3.

2024 COLA

For 2024, all Social Security payments increased by 3.2 percent courtesy of the COLA. On average, benefits were bumped up by $50.

Not all seniors have been impressed, however, as this paled in comparison to the 2023 COLA of 8.7 percent.

Each year, the COLA is meant to take into account inflation, but some say seniors see higher costs of healthcare and housing than the typical resident.

“Whether the annual COLA is appropriate for a specific retiree to ensure equal purchasing power as the prior year is highly specific to the life situation of the individual retiree, both in terms of expenses and other sources of income,” Jonathan Price, the national retirement practice leader at employee benefits consulting firm Segal, previously told Newsweek.

For 2024, the SSA estimates around 68 million people will receive their monthly benefits, with retirees making up around 78 percent of recipients.