As Social Security payments were already disbursed for beneficiaries on March 13th, retired workers and Social Security Disability Insurance (SSDI) recipients will receive a new Social Security benefit next week. If you belong to one of these Social Security benefit programs and were born between the 11th and 20th, you will receive a new payment.
The Social Security Administration (SSA) plays a vital role for retired workers and disabled individuals in the United States. For instance, the majority of people aged 65 and older rely on Social Security for their primary income. Without Social Security payments, 38.7 percent of older people would have incomes below the official poverty level, assuming all other factors were equal; with Social Security benefits, just 10.2 percent do. According to estimates, the payments pull 16.5 million older people out of poverty.
On the other hand, Social Security Disability Insurance (SSDI) pays modest but necessary compensation to workers who are unable to support themselves owing to a serious and long-term medical impairment. In October 2023, Social Security paid compensation to 7.4 million disabled workers, along with payments made to some of their family members—89,000 wives and 1.1 million children.
Social Security benefit payments for retired workers and SSDI beneficiaries
On average, retirees will receive $1,900 in monthly payments this month. That amount, however, may differ based on the age at which they file for Social Security benefits. At full retirement age (FRA), the maximum monthly pension is $3,822. However, if you retire at age 62, your pension will be $2,710. If you retire at age 70, your benefit will grow to $4,873.
| Social Security benefit programs | Social Security payments |
| Retirement | Average: $1,900
Age 62: $2,710 Age 67 (Full FRA): $3,822 Age 70: $4,873 |
| SSDI | Average: Range between $1,300 and $1,600 per month
Maximum payment: $3,822 |
To be eligible for Social Security Disability Insurance benefits, you must have worked for at least five years in the previous ten years and paid Social Security taxes. You will not be eligible for this benefit if you have not worked the equivalent of five full-time years or have not contributed to the system.
Any disability insurance you qualify for by working and paying into the system normally expires five years after you stop working. Also, you must demonstrate that you meet the rules of disability before your disability insurance ends. These timeframes are determined for each individual based on their unique job history.
March Social Security benefit schedule
Retired workers and SSDI recipients will receive their deposits following these dates:
- March 13th: recipients born between the 1st and 10th of the month.
- March 20th: recipients born between the 11th and 20th of the month.
- March 27th: recipients born between the 21st and 31st of the month.
Social Security benefit improvements
The Social Security 2100 legislation, introduced in January 2019, seeks to increase Social Security benefits for five years, from 2022 to 2026. However, these temporary changes would complicate retirement planning because workers and retirees would not know whether they would be extended or expire as planned. Some proposed changes, such as a new minimum benefit and earnings credits for caregivers, would be aimed at low-income beneficiaries.
Others, such as increasing all retired and disabled worker benefits by $30 per month, would be less targeted. Another provision would reduce the taxation of Social Security benefits by raising income thresholds, but this would not benefit the roughly half of beneficiaries with the lowest incomes, who pay no taxes on their benefits. The bill would also repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which reduce the benefits of some Social Security recipients who also receive a pension from government employment that is not covered by Social Security.