For March, the Social Security payment schedule is set, and payments arrive depending on one’s birthday. People born between March 1 and 10 should have received their payment on the second Wednesday of the month, March 10.
For people born between March 11 and 20, payments should have arrived on the third Wednesday, March 17. Lastly, those born between March 21 and 31 receive their payments on the fourth Wednesday, March 24.
Nearly 7 million Americans depend on these payments. There has been a 2.8% cost-of-living adjustment (COLA) this year to ensure that benefits remain in line with the current economic situation.
View this post on Instagram
In the words of Social Security Administration (SSA) Commissioner Frank J. Bisignano, “Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to make sure benefits reflect today’s economic realities and continue to provide a foundation of security. The cost-of-living adjustment is a vital part of how Social Security delivers on its mission.”
As for the amount of money that people receiving benefits would receive, it is $944 for individuals and $1,491 for married couples. The amount is different for essential persons, who help someone by letting them stay in their home and sharing living costs. They receive $498 a month.
The SSA also administers Supplemental Security Income, a federal assistance program that provides monthly cash payments to older adults and individuals with qualifying disabilities who have income and resources within prescribed limits, as per Congress.gov.
View this post on Instagram
The site further notes that SSI is not part of Social Security. SSI is a public assistance program that provides monthly payments based on need. In contrast, Social Security is a social insurance program that provides benefits based on qualified workers’ career-average earnings. Given how both programs work, SSI also aims to provide further support to individuals who have low levels of Social Security and other income.
SSA’s goal is to provide eligible individuals with a guaranteed minimum income that would cover basic needs such as food and shelter. On the other hand, a flat monthly benefit is provided by SSI, which is increased or reduced depending on an individual’s countable income.
It should be noted that recipients of SSI should receive their payment on March 25. For individuals who have been receiving benefits since before May 1997, their payments should have either been credited on March 3 or will be credited on March 25.
