Maximizing Your Social Security Pension Payments: March 13, 2024 Update

2024-03-11 21:50:00

Having a pension in the United States undoubtedly generates economic peace of mind, but to do so you must have contributed to Social Security throughout your working life and complied with certain rules, such as the number of annual credits. If you achieved it and you are one of the 66 million pensioners of the Social Security Administration (SSA), in this note I detail which group should receive the payment on Wednesday, March 13, the amount of which can reach up to $4,873.

The retirement pension, as I mentioned, provides peace of mind, but it replaces only part of the income when a person reduces their hours or stops working completely.

The good thing is that pensions come with a 3.2% COLA increase, to address inflation and guarantee the purchasing power of Social Security benefits.

The United States Social Security pays pensions to its retirees every month (Photo: Pexels)

WHO IS DUE TO PAY THE SOCIAL SECURITY ON MARCH 13, 2024?

According to the Social Security Administration schedule, the payment on March 13, which is the second Wednesday of the month, corresponds to those who retired following May 1997 and, in addition, were born between the 1st and 10th of any month. They must also be deposited to survivors and beneficiaries of Disability Insurance (SSDI).

• March 13: The second Wednesday of each month corresponds to the payment to those retired following May 1997 and born between the 1st and 10th of any month.

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

Look at the SSA payment dates for the month of March (Photo: SSA)

HOW MUCH IS THE PAYMENT FOR RETIRED ON MARCH 13, 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 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 13?

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 13, 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.

MORE INFORMATION ABOUT SOCIAL SECURITY

REQUIREMENTS TO ACCESS SOCIAL SECURITY

• Be a US citizen or legal permanent resident.
• Have a valid Social Security number.
• Meet the age and/or disability requirements for the program you wish to access.

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.

THE COLA IN THE LAST 10 YEARS:

• 2014: 1.7%
• 2015: 0.0%
• 2016: 0.3%
• 2017: 2.0%
• 2018: 2.8%
• 2019: 1.6%
• 2020: 1.3%
• 2021: 5.9%
• 2022: 8.7%
• 2023: 3.2%.

HOW IS THE QUEUE CALCULATED?

The adjustment is established by calculating the average inflation during the third quarter (July, August and September) of the current year compared to the same quarter of the previous year. The increase in COLA will depend on the difference in percentage between the two. The Social Security Administration (SSA) will apply the adjustment starting in December 2023.

WHAT IS THE SSI PAYMENT SCHEDULE IN 2024?

• January: Friday, December 29, 2023
• February: Thursday 1st of the month
• March: Friday the 1st of the month
• April: Monday 1st of the month
• May: Wednesday 1st of the month
• June: Friday, May 31
• July: Monday 1st of the month
• August: Thursday 1st of the month
• September: Friday, August 30
• October: Tuesday 1st of the month
• November: Friday 1st of the month
• December: Friday, November 29

Supplemental Security Income (SSI) beneficiaries receive an increase due to the COLA 2024 adjustment (Photo: Freepik.es)
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