The Social Security Administration (SSA) confirmed that beneficiaries could be able to receive an extra $150 in their next Social Security payment. The SSA uses a method to calculate retirement benefits that favors contributors and can give them up to $150 extra.
This method used to calculate retirement benefits takes into account a formula based on workers’ earnings history and age at retirement. The formula used by the SSA is intended to provide preference to employees who have made longer Social Security contributions. This is due to the formula’s increased weighting of an employee’s wages in the years preceding retirement. Employees who have paid into Social Security for a longer time may be eligible for higher retirement benefits due to the SSA’s algorithm, which might reach $150 a month in certain circumstances.
What effect might a delayed claim have on your Social Security payment?
One specific method that can help you enhance your reward by as much as $150 in one go is late claiming. It is commonly known that the Social Security Administration (SSA) uses a rather complicated formula to determine benefits, which can be challenging for contributors to comprehend.
As a result, your good measure of earning capability is averaged by the responsible organization over your years of employment. In simpler words, your retirement payment rises significantly in proportion to your earnings and receipts, which is why many choose to delay their retirement date. Yet, a payment of this magnitude indicates that a majority has been made. Furthermore, we can see that half of the recipients receive a lower amount, while the other half receive a bigger amount, as this is merely the average amount.
Bear in mind that if you decide to postpone your retirement, you may earn an 8% yearly increase in Social Security benefits, which would total $152.76 per year or $12.72 per month. However, if you do not plan to live a long life or are experiencing financial troubles, delaying your application may not be the best option. Starting to receive Social Security as soon as possible is usually more convenient.
SSA’s formula for calculating your Social Security payment
Here are some additional details about the SSA’s formula for calculating retirement benefits:
- The formula takes into account a worker’s earnings history over the previous 35 years.
- The formula gives more weight to a worker’s earnings in the years leading up to retirement.
- The formula is adjusted for inflation each year.
March 2024 complete schedule for Social Security payments
The complete Social Security payment schedule is subject to change depending on several factors. This table breaks down the Social Security payment schedule based on your unique circumstances. Remember that SSI payments follow a different schedule and are usually received on the first of the month.
| Payment Received | Condition | |
| March 1st | Social Security |
|
| March 13th | Social Security | The birth date falls between the 1st and 10th |
| March 20th | Social Security | The birth date falls between the 11th and 20th |
| March 27th | Social Security | The birth date falls between 21st and 31st |
Furthermore, the principal benefit recipient’s birthdate determines the benefit payment schedule. Whether you are getting survivor’s benefits, child benefits, or benefits based on benefits awarded to another individual, the day your benefits arrive is decided by the day that person was born.
If your scheduled Social Security payment date falls on a weekend or a holiday, you’ll receive an early payment. Such payments will be issued on the weekday immediately before your expected payment date. To get the complete payment schedule for the year, check the Schedule of Social Security Benefit Payments 2024.