Each month brings a new schedule of Social Security payments for retirees.
In March, seniors can expect payments worth up to $4,800 on several dates throughout the month.
A check around $4,800 is the maximum amount available, while the average Social Security recipient will earn somewhere around $3,800.
For those who've been receiving Social Security benefits since before 1997, today marks pay day. The same is true for those who live outside of the United States, earn both SSI and Social Security or have their state pay Medicare premiums.
However, for the rest of the population, payments will arrive on a specific Wednesday depending on your birth date.
Those born between the first and the 10th of any given month will see checks on the second Wednesday of the month, so March 13.
After that, the next payments go out on March 20 to anyone who has a birthday between the 11th and 20th. The fourth Wednesday of March, March 27, marks when those who have a birthday after the 20th of any month will see their benefits arrive.
If your payment is for some reason late, you should reach out to your banking institution to see if there is a processing delay. After this, you can reach out to the Social Security Administration at 800-772-1213 (TTY 800-325-0778) or contact your local Social Security office.
How Much Money Can I Expect?
All Social Security recipients saw a 3.2 percent cost of living adjustment in 2024 to make up for the impact of inflation on their benefits. That means checks rose around $50 for each monthly payment on average.
Recipients see higher payments based on several factors. Those who wait longer to retire generally get more benefits. However, how much you paid into Social Security based on how many years of work you had also affects the monthly check you'll see.
For instance, those who retired at the youngest age possible, 62, bring in only $2,710 a month this year. Meanwhile, those retiring at the full retirement age of 67 get a more average check of $3,822.
Many seniors have questioned this year's COLA of 3.2 percent after experiencing much higher checks last year due to the 2023 8.7 percent COLA. Some say that seniors face higher inflation on costs like healthcare and housing, making the calculated COLA less than ideal for their everyday living.
"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.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning ... Read more
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