Commencing this Friday, the Social Security Administration (SSA) will initiate the distribution of payments for the month of March.
Each month, the SSA disburses over 70 million payments to beneficiaries of Social Security, predominantly comprising retired workers and individuals with disabilities.
Notably, individuals falling under the category of Supplemental Security Income (SSI) typically receive payments as part of this distribution.
Average Social Security Payments
The precise sum allocated to each recipient is contingent upon several factors, including the duration of employment, earned income, and Social Security contributions made over the same period.
Additionally, the age at which an individual opts for retirement is taken into account.
According to estimates provided by the SSA, the average monthly payment for a single retiree in 2024 amounts to $1,907, while couples filing jointly receive an average of $3,303.
Meanwhile, for recipients of Supplemental Security Income (SSI), the average monthly payment stands at $943 for individuals and $1,415 for couples filing jointly in 2024.
Social Security Payment Schedule in March 2024
The timing of payment distribution is correlated with the beneficiaries’ dates of birth.
Individuals born from the 1st to the 10th of the month receive their payments on the second Wednesday of each month.
Those with birth dates falling between the 11th and the 20th receive their payments on the third Wednesday, while beneficiaries born from the 21st to the 31st receive theirs on the last Wednesday of the month.
However, retirees before May 1997 and Supplemental Security Income (SSI) beneficiaries follow a different schedule.
They receive their payments on the first day of the month, irrespective of their date of birth. The following outlines the Social Security payment schedule for March, as provided by the SSA:
- Friday, March 1: SSI recipients retired before May 1997
- Wednesday, March 13: Beneficiaries born from the 1st to the 10th
- Wednesday, March 20: Beneficiaries born from the 11th to the 20th
- Wednesday, March 27: Beneficiaries born from the 21st to the 31st
