The first week of March offers a mixed bag for Social Security recipients. While some individuals will receive two checks, others will need to wait a bit longer. Understanding the schedule helps you anticipate your payment’s arrival.
Those who began claiming Social Security before May 1997 and receive both Social Security retirement and Supplemental Security Income (SSI) benefits are in luck. They’ll receive two payments during the first week of March. The first is the standard Social Security retirement benefit, while the second is their SSI payment. This fortunate group can expect to receive both payments on March 1st.
Stimulus Checks For Others, Not For Retirees
However, for retirees who started claiming after May 1997 or those who don’t receive SSI, the first week of March brings no new benefits. Their next payment will arrive on their designated day based on their birthday, following the standard Social Security payment schedule.
The Social Security Administration sends out payments on three specific Wednesdays each month, depending on your birthdate:
- Second Wednesday: If your birthday falls between the 1st and 10th of the month.
- Third Wednesday: Birthdays from the 11th to the 20th.
- Fourth Wednesday: Birthdays from the 21st to the end of the month.
If you haven’t switched to Direct Deposit, you might experience a delay in receiving your check. While the payment is still on its way, it may take a few additional days to arrive in the mail.
The Maximum Social Security Payment in 2024
In 2024, the Social Security benefits have seen a 3.2% increase in the amount of money you can receive. However, there remains a cap applicable to everyone, dictating the maximum monthly sum one can receive, and this cap has also seen an upward adjustment this year.
Take into consideration that the amount you receive from Social Security depends on your lifetime earnings and the timing of when you opt to commence receiving benefits.
We are here to provide you with information on the maximum monthly Social Security benefit you can expect upon retirement, as well as the corresponding income threshold. Additionally, we offer insights into the Social Security payment schedule and the 2024 cost-of-living adjustment that may impact your taxes this year.
The maximum monthly amount of Social Security benefits is influenced, in part, by the age at which you choose to commence receiving benefits. It’s important to note that you have the option to retire from work and postpone benefit reception until a later date. For the year 2024, here’s a breakdown of how the age at which you initiate retirement benefits correlates with the monthly amounts:
- Age 62: $2,710
- Age 65 to 67 (full retirement benefits age): $3,822
- Age 70: $4,873