Get an increase in the new Social Security payment of today
Today’s March 20th, 2024 Social Security payments for United States retirees have an increase over March 2023. This increase is thanks to the COLA and keeps retirees from losing purchasing power. If you have a monthly benefit, you have access to this increase.
And best of all, we don’t have to do anything to acquire this annual COLA increase. Every year the Social Security Administration automatically increases each check it sends to U.S. beneficiaries.
Of course, the increase is different for each beneficiary. It is important to understand that not all Americans get the same dollar increase in their Social Security check. The increase is done through a percentage, so proportionally all retirees get the same increase.
But it is not the same dollar amount that increases in each monthly check. This is important to know, because if a monthly Social Security payment is very large it will get a larger increase than a check that is small.
What will the maximum Social Security check be on March 20th?
This new payment on March 20th, 2024 comes to Group 3 beneficiaries. If we do not belong to this group, we will not be able to get this check. That said, let’s see what is the maximum payment we can get.
The new Social Security check for March will have a maximum of $4,873. This is the current maximum we can get for a retirement benefit. So if your check is very close you have a large amount to collect each month.
Regardless of what check we have in March 2023, the payment has increased from that month. In total, the increase has been 3.2% for all Social Security beneficiaries. So if you were collecting $1,000 in March 2023 the payment goes to $1,032 in March 2024.
On the other hand, the requirements to belong to group 3 and, therefore, collect today’s check are two. You must have a birthday between the 11th and 20th of the month, as well as a Social Security benefit from May 1997 onward.
If you have activated Direct Deposit the money will not take long to arrive. But if you do not have this collection method activated, the Social Security payment will arrive in about three days from the day it is sent.