Social Security Update: Who Receives Up to $4,873 This Week?

Social Security recipients will get a new check worth up to $4,873, but only some qualify to earn the benefit payment.

Social Security is typically paid on a schedule based upon when you started receiving payments and your exact birthday.

This week, everyone who has a birthday between the 11th and 20th of any given month will see their check deposited on Wednesday, March 20.

The benefits go out generally to retirees, as well as those living with disabilities, and 2024 marked a boost in payments courtesy of the cost-of-living adjustment.

The 3.2 percent boost is significantly lower than the 8.7 percent adjustment seniors saw last year, but it's meant to make up for the impact of inflation on beneficiaries' purchasing power.

"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.

Read more: How to Retire Early

To earn the maximum payment of roughly $4,800, you would have to be one of the highest earners and also have waited to retire until age 70.

For retirement beneficiaries, the average amount is set at $1,906.

SSDI recipients, however, usually see lower payment amounts. The average payment is $1,537, with some receiving a bit more or less than that based on their specific situations.

While those who meet the birthday requirements see their checks this week, the rest of the Social Security recipients will see their payments on a different date.

Firstly, though, everyone who retired before 1997 got their check on March 1. Meanwhile, those who had birthdays between the 1st and 10th saw their money deposited on March 13, and those with birthdays between the 21st and 31st will see payments on March 27.

Keep in mind, payments can be delayed for up to three days. Generally, payments will be quicker if you choose the direct deposit option. If you find your payment missing after more than three days, you should reach out to your bank or your local SSA office to find out what happened to the missing money.

Read more: What Is a 401(k)? The Easy Way To Save for Retirement

In 2024, roughly 70 million Americans will see around $1.4 trillion in payments as the government looks to support some of its most vulnerable residents.