Who Is Getting a Social Security Payment This Week?

Millions of Americans are set to get Social Security payments this week, and beneficiaries can expect a 3.2 percent cost-of-living boost to all payments this year.

Social Security checks arrive monthly to both seniors and those living with disabilities. Depending on your birthday, you might end up getting your payment this Wednesday, March 13. Those who have been receiving Social Security benefits since before 1997 saw their checks arrive March 1.

After that, your birthday determines when your check should make its way to you. Those born between the first and the 10th of any given month earn payments on the second Wednesday of the month, which happens to be March 13.

After that, the next payments go out on March 20 to anyone who has a birthday between the 11th and 20th. The fourth Wednesday of March, which is March 27, will be when those who have a birthday after the 20th of any month will see their benefits.

If you think your payment is late, you should reach out to your banking institution to see if there is a processing delay. After this, you can reach out to the Social Security Administration at 800-772-1213 (TTY 800-325-0778) or contact your local Social Security office.

2024 COLA

Some seniors could earn up to $4,800 if they waited until the age of 70 to retire and are among the top earners. However, across the board, Social Security recipients have seen a 3.2 percent increase, courtesy of the cost-of-living adjustment this year. On average, payments rose by $50.

Those who wait longer to retire generally get more benefits. However, how much you paid into Social Security based on how many years of work you had also affects the monthly check you will see.

With the impacts of inflation still being felt across all sectors, many seniors say they don’t feel the COLA [cost-of-living adjustment] is enough of a boost to cover their monthly living expenses.

“Let’s face it, soaring property taxes, rents, and heating bills can push seniors and the disabled to the brink of poverty,” finance expert Michael Ryan, who founded michaelryanmoney.com, told Newsweek.

While many seniors rely on Social Security for the bulk of their retirement income, how much they actually need depends on several factors, notably the cost of living in the city and state they reside in as well as their health situation.

“Whether the annual COLA is appropriate for a specific retiree to ensure equal purchasing power as the prior year is highly specific to the life situation of the individual retiree, both in terms of expenses and other sources of income,” Jonathan Price previously told Newsweek. He is the national retirement practice leader at employee benefits consulting firm Segal.