The Social Security Administration (SSA) has just sent millions of dollars in checks and direct deposits to eligible recipients in retirement. Payments have started today and there will be 2 more rounds for seniors aged 67, older and younger.
Do not forget that the last three payments in March will not be for retirees on benefits before May 1997. What is more, the Social Security Administration has set a rule to qualify for one payment or the other.
The Administration will use your birthday to arrange paydays. Therefore, Social Security will divide retirees into three different groups of recipients. Hence, not all will get money on the same day.
WHO IS GETTING A SOCIAL SECURITY PAYMENT ON MARCH 13?
Retirees whose birthdays are from 1-10 will collect a payment on March 13. Then, the rest of the seniors on retirement benefits will have two weeks up to 2 weeks to receive their money.
If you were on Social Security benefits from May 1997 onward, and your birthday is from 11-20, your check or direct deposit will be arriving on March 20. As you can see, both payments on March 13 & 20 are on Wednesday.
The fourth Wednesday in March will be the payday for retirees whose birthday is from 21-31. It is essential to know when your payment is due if you are on a shoestring budget. Plan your expenses and check when money is due to stick to your budget and save money.
WILL I GET $3,822 ON MARCH 13, 2024?
If you have retired at Full Retirement Age in 2024, you may qualify for a Social Security check or direct deposit worth $3,822. However, you must meet all the requirements. First of all, you will have to have earned the taxable maximum for 35 years.
That means those with a low salary and who worked fewer than 35 years will not get $3,822 at 67. If you filed at 62 in 2024, you could get up to $2,710. It is a lot less than if you wait until you are 67.
Those who have earned the contribution and benefit base (taxable maximum) for 35 years, had jobs covered by Social Security, and filed at Full Retirement Age will get $3,822. But if you file at 70 and do all those things, you will receive $4,873.