March Social Security Payments: Who will receive the payment this week?

March Social Security Payments: Millions of Americans will begin receiving Social Security benefits this week, and all benefits will see an increase in the cost of living of 3.2% this year for beneficiaries.

Who will receive the payment?

Social Security benefits are paid to disabled and elderly people every month. You might receive your payment this Wednesday, March 13, depending on your birthdate. On March 1, payments for those who have been receiving Social Security benefits since before 1997 arrived.

After that, your birthdate determines the date on your check. On March 13, which is the second Wednesday of the month, those born between the first and the tenth of any given month receive their compensation.

2024 SSI Payment Schedule: When will you receive your payments?

Following that, everyone whose birthday falls between March 11 and March 20 receives their next payout on March 20. Those who were born after the twentieth of any given month will begin to receive benefits on March 27, the fourth Wednesday of the month.

You should contact your banking institution to inquire about any processing delays if you believe your payment is late. After that, you can get in touch with your local Social Security office or call the Social Security Administration at 800-772-1213 (TTY 800-325-0778).

Cost of living adjustments in 2024

If they waited until they were 70 years old to retire and are among the highest earnings, some seniors may make as much as $4,800. All Social Security beneficiaries, however, have received an increase of 3.2 percent overall this year due to the cost-of-living adjustment. The average payment increase was $50.

Benefits are typically higher for those who delay retirement. The amount of Social Security contributions you make, which depend on how many years of employment you had, also affects the monthly check you receive.

Many seniors claim they don’t think the COLA (cost-of-living adjustment) is enough of a boost to cover their monthly living expenditures because the effects of inflation are still seen in all sectors of the economy.

According to financial expert Michael Ryan, who developed michaelryanmoney.com, “let’s face it, soaring property taxes, rents, and heating bills can push seniors and the disabled to the brink of poverty,” he said to Newsweek.

The majority of a senior’s retirement income comes from Social Security, but how much they need depends on several variables, including their health and the cost of living in the state and city in which they live.

“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 had previously told Newsweek. He is the head of Segal’s national retirement practice, an employee benefits consultancy.