Under the Social Security Administration’s (SSA) planned distribution, millions of retirees and recipients are set to get their Social Security payouts on Tuesday, March 12. For about seventy million Americans—including retirees, handicapped people, and survivors—these benefits provide a vital source of income. How much can they expect, though, and who precisely will get their cheque tomorrow?
Social Security payouts are not handed out all at once. Rather, the SSA uses a set timetable determined by the recipient’s birthdate. Should your birthday lie between the first and the tenth of any month, you will get paid on Wednesday, March 12.
Not everyone, though, adherues this calendar. If you have been getting Social Security benefits since before May 1997 or if you also get Supplemental Security Income (SSI), your payments were issued earlier, more precisely on March 1 or February 29, 2024.
What will you get?
Your work history, income, and retirement age determine how much Social Security you get. While some recipients will get relatively meager sums, others will find checks more than $2,000. You should know as follows:
With the average Social Security retirement check in 2024 at $1,976 per month, many recipients will find payments rather near to $2,000.
The maximum income is $3,822 monthly should you retire at full retirement age in 2024.
Retired at 62 years old in 2024, those might have a maximum monthly income of $2,710.
Delaying retirement until age 70 maximizes benefit at $4,873 per month.
Future Adjustments Possibly Affecting Your Benefits
Several policy adjustments the Social Security Administration is doing might affect payouts in the next months:
Beginning in late March, the SSA will withhold 100% of Social Security payouts for persons who have overpaid until the obligation is paid up. Seniors and disabled recipients who might have unwittingly gotten extra payments have grown worried about this.
Millions of government employees—including police, teachers, and firefighters—are scheduled to get increased benefits beginning in April, following the elimination of some clauses that formerly lowered their payments.
The SSA states that “The maximum benefit depends on the age you retire. For instance, your maximum benefit should be $4,018 should you retire in 2025 at full retirement age. Your maximum payout, though, would be $2,831 should you decide to retire at age 62 in 2025. On the other hand, retiring at age 70 in 2025 may see your greatest benefit increase to $5,108. These numbers underline how important strategic retirement planning is.
Should your check arrive not as expected on March 12, the SSA advises waiting at least three business days before acting. If your payment is still missing, you should get in touch the SSA by Monday, March 18 since weekends and public holidays are not counted as business days.