Social Security provides the lifeline for millions of retirees, especially those who receive Supplemental Security Income (SSI). As every month, scheduled payments continue as they are marked on the Social Security Administration’s calendar, and this coming March 12th will be the day many beneficiaries will receive an average of $2,000!
If you’re waiting for your money to arrive, here’s a breakdown of the lucky recipients who will receive their payment this Wednesday, how the distribution schedule works, and how much you could receive depending on your situation. Read on!
Who receives the payment on March 12?
You may not know yet, but the Social Security Administration (SSA) makes payments based on beneficiaries’ birth dates. This helps distribute payments consistently and avoid delays. Everything depends on your date of birth, not your year, and they are distributed this way for the month of March.
- Those born between the 1st and 10th of each month receive their payment today, Wednesday, March 12.
- Those born between the 11th and 20th of each month will see their checks next Wednesday, March 19.
- Finally, beneficiaries born between the 21st and 31st of each month will receive their payments on Wednesday, March 26.
Those who retired before 1997 have nothing to fear with this schedule, as both they and Supplemental Security Income beneficiaries receive their payment on the first day of the month, regardless of their date of birth. If it falls on a holiday or weekend, the payment will be advanced to the business day before.
What are the differences between the SSA, SSI, and retirement pension?
If you’re confused by so many acronyms and so many payments, don’t worry; we’re here to give you a rundown. Social Security payments can come from different sources, depending on each beneficiary’s situation:
- The SSA (Social Security Administration) is the agency in charge of distributing these payments, but there are key differences between the programs.
- SSI (Supplemental Security Income) is designed for low-income people, whether they are elderly, disabled, or blind, and does not require a work history; a disability is enough to receive it. 3. SSDI (Social Security Disability Insurance), on the other hand, is intended for people who have worked and accumulated credits in the system, but who cannot continue working due to a disability or temporary incapacity.
- Retirement payments, on the other hand, are the benefits workers receive when they reach retirement age, based on their earnings during their working life.
Each program has its own requirements and different amounts of money, but they are all administered by the SSA. Is that clear now?
How much money will each beneficiary receive?
Since this payment is only focused on the beneficiaries’ retirement, it will depend on their work history and retirement age.
- For average retired workers, the payment will be $1,976 per month.
- Retired couples will receive up to $3,098 per month.
- SSI beneficiaries will receive $967 for individual beneficiaries and $1,450 for couples.
The exception is the maximum Social Security payment. For those individuals who work until age 70, Social Security “rewards” them with monthly checks of up to $4,873.
What do I do if my payment doesn’t arrive?
If you haven’t received your money by the due date, don’t panic. There are three steps you can take. The first is to check your bank account in case it has arrived and you haven’t been notified. The second is to wait until the next business day because there may be a delay. If neither of these options works, contact the SSA (1-800-772-1213) to find out the status of your payment.
Remember that Social Security is the livelihood of millions of people in the country, and it’s essential to file your tax return to keep it running!