$1,537 is being paid to Social Security beneficiaries this month

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This month, Social Security claimants will get an average payment of $1,537; however, they must be aware of the exact date on which their check will come.

Benefits from Social Security retirement and sickness insurance are paid every month, yet because the 2024 cost of living adjustment (COLA) took effect in January, checks were slightly larger.

For elders who delayed until they were 70 years old and are among the greatest earnings, the maximum sum that is now available is $4,800. The average payout for retirement recipients is $1,906.

Benefits are somewhat less for those who get SSDI, though. While some will get slightly more or less than that depending on their particular situation, the average amount is $1,537.

The Schedule of Payments

For many beneficiaries, the date you must anticipate receiving benefits is determined by your birthday.

On March 13, the 2nd Wednesday of the month, cheques will be delivered for everyone whose birthday falls between the 1st and the tenth.

Payments will be made to people who were born between March 11 and March 20, which is the 3rd Wednesday of the month.

Lastly, all checks for people whose birthdays fall between the 21st and the 31st of any given month will be paid on the 4th Wednesday.

But there’s a few outliers. On the third of every month, people who were getting payments since before May 1997 will receive their checks.

Additionally, the SSI check and Social Security payout for the unique recipients who qualify for both Social Security and Supplemental Security Income received on March 1 and March 3, respectively.

COLA in 2024

Thanks to the COLA, all Social Security benefits raised by 3.2% in 2024. Benefits were increased by $50 on average.

But not all seniors were thrilled, as this was insignificant compared to the 8.7% COLA in 2023.

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