$4,800 Stimulus Checks as Social Security Payment – When Will this Next Payment Come for Retirees
$4,800 in Social Security Benefits as Stimulus Checks When Will Retirees Get Their Next Payment?
If you’re retired and meet the criteria, you’ll receive your Social Security payment on March 20, 2024. The maximum amount you could get as a Stimulus Check is $4,873, but not everyone will receive that much. Each recipient gets what they’re entitled to. The 3.2 percent increase is meant to help offset the impact of inflation on purchasing power, though it’s less than the increase seniors received last year.
For SSDI beneficiaries, payouts may vary. Some might get more or less than the average of $1,537, based on the eligibility requirements for the $4,873 Stimulus Checks in March 2024. Other Social Security beneficiaries will receive their benefits on different dates, but those who meet the birthday criteria will get their checks this week.
$4,800 Stimulus Checks as Social Security Payment
Retirees born between May 1st and May 10th, 1997, who applied for Social Security benefits before May 1997, have already received their payments. Some seniors have already taken out their benefits, but others will receive their payments soon. The Social Security Administration (SSA) releases a payment schedule each year so that recipients of all financial aid programs know exactly when to expect their monthly benefits.
It’s important for retired workers to understand that the 3.2% increase in Social Security payments for March was due to the yearly cost-of-living adjustment (COLA) announced a year ago. When determining if the March 20th payment is for you, consider the year you filed for retirement and your birthday. You can check the Social Security payment March 2024 Schedule to confirm.
Social Security March 2024 Retirement Benefit
| Benefit Name | Retirement program |
| Authority | Social Security Administration (SSA) |
| Payment Amounts | Average: $1,900 Age 62: $2,710 Age 67 (Full FRA): $3,822 Age 70: $4,873 |
| Category | Government Aid |
| Payment Date | March 20 |
| Official Website | ssa.gov |
Will I get $4,873 from SSA on March 20?
On March 20, the Social Security Administration will issue another payment to eligible individuals, potentially up to $4,873. Some beneficiaries may receive a substantial payout, but not everyone will qualify for such a large sum. With inflation and rising living costs, it’s getting harder for many to make ends meet.
To be eligible for the $4,873 payment on March 20, certain requirements must be met. Firstly, it’s important to ensure that the Social Security Administration receives sufficient payroll taxes. This means that Social Security payments are funded by the job you have while you’re employed. Some jobs don’t contribute to the SSA and are subject to a different tax system.
Requirements to get the March 20th pensioner’s payment
To receive the retirement payment on March 20, you need to meet two specific requirements. If you fulfill both conditions, you’ll get a check from the Social Security Administration on that day. However, if you don’t meet both criteria, your payment might come on a different day since there are four payment days in a month.
The two requirements are:
- You must be receiving benefits from the year 1997.
- Your birthday must fall between the 11th and the 20th of the current month.
Retirees who meet both criteria are categorized into group 3. This group receives their payment on the 3rd Wednesday of every month. For March, there are no irregularities, so the payment arrives on March 20, 2024, without any issues.
It’s worth noting that receiving your retirement payment on the day it’s paid is quite challenging if you haven’t set up direct deposit. While the Social Security Administration will issue the check on the 20th, how quickly you receive it depends on the payment method you’ve chosen.
How old were you when you applied for Social Security
To receive $4,873 in 2024, you needed to have filed at the age of 70. Achieving this qualifies you for the payment from the Administration. This benefit is quite substantial, so few retirees can afford to pass it up.
If you filed at age 62, you’ll receive significantly less, leading to a decrease in benefits. This reduction can be as much as 30%, so it’s crucial to be careful about when you file. To avoid any reduction and receive your full benefits, it’s best to apply for Social Security at your Full Retirement Age (FRA). The year of your birth determines your FRA. For example, if you were born after 1960, your FRA is 67.