New Social Security Payments Coming Soon for Americans: Two Social Security payouts this week will give some Americans a financial bonanza. This is due to retirement and disability benefit requirements. Beneficiaries receive weekly Social Security payments based on birthdates. Some beneficiaries will receive retirement and disability benefits this week, an uncommon occurrence.
Social Security payments are usually distributed on the Wednesday of the month of the recipient’s birthdate. Benefit recipients who became eligible before May 1997 receive payments on the third day of each month.
Key Information on Social Security Benefits for Retired Couples
March 2024 Social Security Payments
For the rest, the birthday determines the payment date. People born between the 1st and 10th of the month get paid on the second Wednesday, February 14. Beneficiaries born between the 11th and 20th received benefits on February 21 (the third Wednesday), while those born after received them on February 28. March Social Security checks are expected this week, adding to the financial deluge.
SSI recipients will receive payouts on March 1 and Social Security checks on March 3. Foreigners and those receiving payments since 1997 can expect their March benefits on March 1. The rest of March will follow the birthday-based second, third, and fourth Wednesday schedules.
This year’s COLA
Social Security payouts rose 3.2 percent this year due to the Cost of Living Adjustment (COLA). The highest-earning beneficiaries who retire at 70 will receive $4,873, while the average monthly payout is $3,822. Those who retire at age 62 will receive $2,710 per month.
The average COLA rise is $50 per month, although some seniors are dissatisfied, especially after the 8.7% COLA in 2023. Critics say the Social Security Administration should prioritize assisting retirees and beneficiaries to maintain purchasing power.
The nonpartisan and nonprofit Senior Citizens League estimates a 1.75% cost-of-living adjustment (COLA) for Social Security in 2025 based on the January consumer price index report released on Tuesday. This prediction is lower than the 3.2% adjustment this year and the 8.7% increase in 2023, the greatest in 40 years. Additionally, the 2025 forecast is below the Congressional Budget Office’s 2.5% estimate.
Note that the Congressional Budget Office calculates differently from the Senior Citizens League. However, Mary Johnson, the league’s Social Security and Medicare policy analyst, who calculates these monthly, notes that inflation rates are likely to fall from 2023 levels, resulting in a reduced COLA for 2025.
Changes To COLA Calculations: Washington lawmakers have proposed changing the way
