The rounds of Social Security check payments begin in the United States in just a few days. Retirees who have a retirement benefit can enjoy a Social Security check in the allotted amount. Each retiree has his or her individual check, as the dollar amount of each check is higher or lower depending on several factors.
However, the amount of the next Social Security check is not really important. In order to determine if we are in the group of retirees who will receive a check of up to $4,558 what we have to check is the day of birth. There is no other more important piece of information to know on what day we will receive the retirement benefit.
Thus, it makes no difference whether our check is for $4,558, $2,600 or $580. The important thing is that with our date of birth we can determine whether we will receive the next check or not. In case we are not in the March first round group there is no need to worry. The Social Security Administration will send out a check in one of the following weeks.
Who gets the next Social Security check?
The group chosen to elect the next check of up to $4,559 is retirees born between the 1st and 10th of the month. All other information is irrelevant in determining who will collect on this day. Pensioners who were not born between days 1-10 need not worry, as they will still be able to cash their check.
These are the days when Social Security will send out all checks in the month of March:
- March 8th. Collection day for retirees born between the 1st and 10th of the month. This is the first round of checks.
- March 15th. Second round of checks for pensioners. This time, the checks are for retirees born between the 11th and 20th of the month.
- March 22nd. Retirees born between the 21st and 31st of the month collect checks on this day. This is the third and last round of Social Security retirement payments in March.
Thanks to this calendar, we will be able to determine on which day exactly we will receive our Social Security retirement check. Therefore, it is much easier to do the financial organization at home and we will be able to pay all our bills on time. Undoubtedly, the calendar is a key piece for all pensioners in the United States who have no other source of income.
And while not all retirees may be able to live on their Social Security check as their sole source of income, knowing the day they will receive it is always a relief. It makes household financial management easier and more effective.
Changes in Social Security beneficiaries by 2023
Many seniors rely heavily on Social Security. About 42% of older women and 37% of older men rely on monthly payments for at least half of their income, according to the Social Security Administration.
Social Security beneficiaries will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the SSA announced.
The move will increase retirees’ monthly payments by $146 to an estimated average of $1,827 by 2023.
The sharp increase, which follows a 5.9% adjustment for this year, is intended to help beneficiaries cope with the high inflation that has plagued the United States since last year.
However, it is important to remember that it is not advisable to rely on Social Security checks alone to live as a retiree. Benefit money should be about 40% of a United States citizen’s total income, although this is rarely the case. In most cases, pensioners have no other source of income besides the monthly Social Security check.