The Social Security Administration (SSA) will open March payments by sending checks for a total of $5,816. The double payment is made up of checks from the SSI program that are regularly sent on the first day of the month and the checks for those beneficiaries who applied for retirement benefits before 1997.
The federal government supervises the Supplemental Security Income (SSI) program, which offers financial support to individuals who are elderly, blind, or disabled and have limited resources and income. Individuals must demonstrate that they meet both the income and resource limitations to be eligible for SSI benefits. Additionally, by submitting an SSDI application, some SSI recipients may be eligible for additional benefits. If they are eligible and fulfill the strict criteria, they will enjoy the benefits of both programs.
On the other hand, the beneficiaries who applied for retirement benefits before 1997 have a different payment date because, after May 1, 1997, the SSA implemented a new payment cycle to improve operational efficiency and manage the workload.
Social Security payment schedule for March
Here’s the full March 2024 schedule for Social Security payments, taking into account the different payment dates for beneficiaries:
|
Birthdate Range |
Payment Date |
|
1st to 10th of any month |
Wednesday, March 13th |
|
11th to 20th of any month |
Wednesday, March 20th |
|
21st to 31st of any month |
Tuesday, March 27th |
March 2024 Exception
People who are born between March 21 and March 31 and who normally receive their payout on the fourth Wednesday will receive it one day early on Tuesday, March 27th, because March 2024 falls on the fifth Wednesday.
To get detailed information regarding Social Security payment dates, check the Schedule of Social Security Benefit Payments 2024.
Americans can apply for any of these Social Security programs
The Social Security Administration (SSA) offers four primary Social Security programs to help Americans
- Retirement Insurance: offers retired employees with a sufficient work history who are 62 years of age or older monthly benefits.
- Survivors Insurance: provides monthly benefits to the spouses, children, and dependent parents of deceased Social Security beneficiaries.
- Disability insurance: pays monthly benefits to disabled workers who have a sufficient work history and meet the Social Security Administration’s definition of disability. This program consists of two parts:
- Social Security Disability Insurance (SSDI): For workers who have paid into Social Security through payroll taxes.
- Supplemental Security Income (SSI) Disability: For individuals with disabilities with limited income and resources, regardless of work history.
The future of the Social Security system
Many Americans rely heavily on the Social Security system for support, but there has been constant debate about the institution’s long-term viability. For example, the Social Security Administration projects that by 2035, the Social Security Trust Fund will run out.
The Trust Fund is used by the Social Security Administration (SSA) to provide benefits to eligible retirees, survivors, and people with disabilities. These benefits are paid first from the trust fund and then, once the fund is depleted, from general tax revenue.
How is the Social Security Trust Fund financed?
The main source of funding for the Social Security Trust Fund is Social Security taxes, commonly referred to as payroll taxes. These are taxes that are paid on a part of earned wages by both employers and employees.
To further support its growth, the fund also receives interest payments from the government bonds it owns. The trust fund can pay benefits to qualified recipients thanks to its two sources of funding, which also helps to maintain the fund. Concerns about the Trust Fund’s capacity to continue benefiting future generations grow as it is anticipated to run out.
Numerous reform ideas have been put forth to address these possible funding gaps. These proposals include making changes to different program elements, like increasing the retirement age, changing the amount of benefits, or altering tax contributions.