Throughout the United States, the Social Security Administration sends a large number of checks to retirees on a monthly basis. These checks always arrive on the same days of the month to their recipients, so it is relatively easy to keep track of which day we will collect the retirement benefit.
However, it never hurts to check the paydays so you know exactly how to handle your Social Security check. If it is our only source of income, the beneficiary should take this calendar more into account for his or her financial organization.
In just a few days, the Social Security Administration will send the last of the checks to United States retirees. This payment will be the last check, though not for the year, but for the month. So it is the last call for retirees to receive their March benefit.
Still, remember that Social Security payments are always divided into three different ones. This is not the same as the Supplemental Security Income payment, which is only one per month and on a different date. In general, the Social Security check payment is made on the 2nd, 3rd, and 4th Wednesday of the month.
Who will receive the last Social Security payment for March 2023?
The last of these payments will be received by retirees in Social Security Group 3. The Administration divides retirees into different groups depending on their date of birth. Some citizens may think that the division also includes differentiation between retirees by age or disability, but that is not the case.
Whether we have a disability or age retirement check, it doesn’t matter. The only thing that matters to know that we are in group 3 and will receive our next Social Security payment is the day of our birthday. Thus, pensioners born between the 21st and 31st of the month will receive their check on this day. It is the last payment of the month, so after this one we will have to wait to receive the April payments, although it is true that one of them will arrive earlier.
When will I receive my benefit if I was not born between 21-31?
Throughout the month, the Social Security Administration sends out checks to retirees in the United States. Thus, the 22nd day is the last payment from the Administration in the month of March. This means that any retiree not born on these days should receive payment earlier.
The March 2023 retirement payment days are the 8th, 15th and 22nd. As for the 22nd we have already talked about it a little above, and that is that it is the last payment of the month. The 8th payment was for retirees born between the 1st and 10th of the month. On the other hand, the 15th of March 15th is the day on which retirees born between the 11th and 20th of the month receive their benefits.
How much is Social Security check for retirees?
The amount of the Social Security payment depends on the history of each pensioner. A U.S. citizen can reach a check of up to $4,558 per month, although this requires early retirement planning.
The average Social Security check is $1,668. With this money, millions of retirees pay all their monthly bills, although it is not advisable to have the retirement benefit as the only source of income.
For citizens who have a smaller benefit in the United States, you can apply for Supplemental Security Income. This payment is for retirees and pensioners with lower purchasing power. Through this other check, pensioners can increase their monthly benefit up to an additional $914.
How can I increase the amount of my retirement pension?
If we think we want to reach the maximum of $4,558 per month, we must take into account that there are many factors at play. Pensioners who have their benefit already accepted will not be able to increase the amount, although there are exceptions.
In the event that we have not already applied for our retirement benefit, we can increase our Social Security check with the following steps:
- Get a high salary. Salary is the basis for a good Social Security check. The higher the salary as a worker, the better benefit we will have in the future. Ultimately, the retirement check depends on the taxes we pay and the higher the salary the more taxes.
- Work many years. The ideal scenario is to work 35 years, but sometimes it is impossible. So work as many years as you can before claiming your retirement benefit. The Administration calculates the retirement check through the 35 years worked with the highest salary. If we do not reach 35 years, each year below will mean a 0 that is added to the average. This will cause the check to go way down.
- Delay retirement age. It’s tempting to file for retirement at 62, but sometimes it’s a negative to do so. A Social Security check from an Early Retirement Age Senior has 30% less money than one who files for retirement at age 67. To reach the maximum of $4,558, it is mandatory to wait until age 70 before starting to collect retirement.
By doing these three steps and maximizing them, we can reach a very large amount. While it is true that reaching $4,558 per month is not an easy task, we can get very close. It is not necessary to have a very large Social Security check, but in these cases it is best to get as much as we can.