Social Security Payment Schedule and Amounts for March 20, 2024 in the United States

2024-03-15 06:42:50

To obtain a pension in the United States, you must have contributed to Social Security throughout your working life and met certain rules, such as the annual number of credits. If you are one of the 66 million pensioners of the Social Security Administration (SSA) in the United States, you can receive your payments by direct deposit 12 times a year, according to the schedule. Find out who will receive the payment on Wednesday, March 20, the amount of which can reach $4,873.

Although the retirement pension provides peace of mind, it does not fully replace income when a person reduces their hours or stops working completely. For this reason, specialists recommend having other extra income.

The pensions granted by the SSA this 2024 come with a 3.2% increase due to the COLA, to address inflation and guarantee the purchasing power of Social Security benefits.

The longer they contribute to Social Security, the more generous the SSA checks tend to be, making this group recipients of the highest benefits (Photo: Freepik)

WHO IS DUE TO PAY THE SOCIAL SECURITY ON MARCH 20, 2024?

According to the Social Security Administration schedule, the payment on March 20, which is the third Wednesday of the month, is intended for those who retired following May 1997 and, in addition, were born between the 11th and 20th of any month. They must also be deposited to survivors and beneficiaries of Disability Insurance (SSDI).

• March 20: The second Wednesday of each month corresponds to the payment to those retired following May 1997 and born between the 11th and 20th of any month.

NOTE: The same date of payment to retirees also corresponds to survivors and those beneficiaries of Disability Insurance (SSDI).

2024 payment schedule (Photo: SSA)

HOW MUCH IS THE PAYMENT FOR RETIRED ON MARCH 20, 2024?

The Social Security Administration explains that the value of deposits or checks varies significantly, as they are directly related to retirement age and contributions throughout one’s working career. Below, find out the amounts for March 20, 2024, according to the time of retirement:

• The average payment for a retiree is US$1,907.
• People who retired early, at age 62, receive a maximum of US$2,710 per month.
• For those who retired at age 67, their monthly payment can be up to US$3,822.
• Those who delayed their retirement until age 70 can obtain a maximum monthly payment of up to US$4,873.

HOW MUCH CAN YOU RECEIVE FROM SSDI ON MARCH 20?

The payment for Disability Insurance (SSDI) beneficiaries is based on their average lifetime earnings covered by Social Security. According to the SSA, these are the amounts for March 20, 2024:

• An average check: US$1,550
• The maximum amount: US$3,822
• People with blindness: US$2,590
• Payment to people who are in a trial work period: US$1,110.

HOW DO I KNOW IF THE SOCIAL SECURITY PAYMENT APPLIES TO ME?

All the information regarding Social Security and the payment of the check can be found on the government entity’s website, which you can access in Spanish.

WHAT ARE SOCIAL SECURITY PROGRAMS?

Retirement: This program provides a monthly income to people who have worked and paid Social Security taxes for a set period.

Disability: This program offers benefits to people who are unable to work due to a serious illness or disability.

Survivors: This program provides benefits to dependent family members of a deceased worker who paid Social Security taxes.

Supplemental Security Income (SSI): This program offers financial assistance to people with disabilities or people over age 65 with low income and limited resources.

REQUIREMENTS TO ACCESS SOCIAL SECURITY

• Be a US citizen or legal permanent resident.
• Have a valid Social Security number.
• Meet the age requirements for the program you wish to access: For retirement benefits, the age typically ranges between 62 and 67, depending on your year of birth. You can start receiving benefits at age 62, but if you wait until full retirement age, you’ll receive a higher monthly payment.
• Meet the disability for the program you wish to access: If you have a disability that meets the Social Security Administration’s criteria and prevents you from working, you may be eligible for disability benefits. The disability must be long-term or terminal.

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