Here is all you need to know about this month’s Social Security payments.
When does the check arrive?
Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
Retirees born on or before the 10th of a month received their payments on March 12. Beneficiaries born between the 11th and 20th of a month will receive their checks on March 19, and retirees born on or after the 21st of a month will receive their payments on March 26.
When am I eligible?
U.S. citizens are eligible for Social Security payments starting at 62 years old.
How can I maximize my check?
The retirement age, the amount paid into Social Security, and the number of years paid into Social Security all factor into how much beneficiaries receive in the program.
Payments largely depend on a recipient’s retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month. However, delaying retirement until age 70 can allot up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.