Social Security Recipients Receiving Payments This Week: This week, millions of Americans will receive Social Security payments, with recipients expecting a 3.2 percent increase on all payments this year to account for the cost of living.
The elderly and those with disabilities receive monthly Social Security payments. Your payment will be issued on Wednesday, March 13th, based on your birthday. Those who started receiving Social Security benefits before 1997 received their payments on March 1.
The deposit of your check into your account will depend on your birthday. We make payments to individuals born between the first and tenth of each month on March 13, the second Wednesday of that month.
Payments are disbursed on March 20 to individuals born between the 11th and 20th. On March 27, the fourth Wednesday of that month, individuals born after the twentieth day of any given month will be eligible to receive their benefits.
If you suspect that your payment is past due, you should contact your financial institution to determine whether or not there is a processing delay. You may then contact your local Social Security office or call 800-772-1213 (TTY 800-325-0778) to speak with an agent of the Social Security Administration.
COLA 2024: How Will Social Security Benefits Affect Your Income Tax?
2024 COLA
Delaying retirement until 70 may net the highest-earning seniors $4,800. In contrast, the cost-of-living adjustment has increased Social Security benefits by 3.2 percent this year. Payments rose by $50 on average.
Longer-term retirees typically receive better benefits. You will also receive a monthly payment according to your career Social Security contributions.
Given the ubiquitous effects of inflation in many sectors, many senior citizens view the COLA as insufficient to cover their monthly living expenses.
“Let’s face it, rising property taxes, rents, and heating bills can push the elderly and disabled into poverty,” financial analyst Michael Ryan told Newsweek.
Many senior people rely on Social Security for most of their retirement funds, although the amount needed depends on their health and the cost of living in their towns and regions.
“Whether the annual COLA is appropriate for a specific retiree to ensure equal purchasing power as the prior year is highly specific to the life situation of the individual retiree, both in terms of expenses and other sources of income,” Jonathan Price told Newsweek. At employee benefits consulting firm Segal. v, he oversees the national retirement practice.
Changes To COLA Calculations: Washington lawmakers have proposed changing the way
