Eligible individuals can expect to receive up to $4,873 from Social Security this week, with the exact dates varying based on birthdates. Beneficiaries whose birthdays fall between the 11th and 20th can expect payments by March 20th, while those born between the 21st and the end of the month should receive theirs by March 22nd. Some minor delays might occur due to bank processing times or postal service interruptions.
This upcoming disbursement is linked to the cost-of-living adjustment (COLA) for 2024, which has been set at a 3.2 percent increase. This increase is aimed at counteracting the impact of inflation on recipients’ buying power, despite falling short of last year’s growth of 8.7 percent.
Jonathan Price, a National Retirement Practice Leader, suggested that the effectiveness of the annual COLA in maintaining a retiree’s purchasing power would depend on personal circumstances. These might include the cost of living, additional income sources, and healthcare needs.
Max payouts could reach around $4,800 for retirees with the highest earnings who retire at 70. However, on average, retirement beneficiaries receive about $1,906, with beneficiaries of Social Security Disability Insurance typically receiving around $1,537. Note, these figures might be subject to change based on unique individual circumstances.
Payout schedules are based on recipients’ birthdates. Recipients who retired before 1997 received payments on March 1, while those born between the 1st and 10th of the month received their payment on March 13. Those with birthdays between the 11th and the 20th received theirs on March 20, and those born between the 21st and 31st should expect them on March 27.
To quicken the process, beneficiaries can opt for direct deposits. If funds are not reflected after the expected time frame, recipients should reach out to their bank or local Social Security Administration (SSA) office for help.
Finally, around 70 million Americans are expected to receive benefits totally approximately $1.4 trillion in 2024 as part of an effort to assist those in need and spur economic growth. Through these disbursements, the government hopes to raise living standards for everyone and reduce poverty-related issues. The effectiveness of these measures, however, remains to be seen.
