First round of March Social Security payments goes out in 12 days
An article from the Washington Examiner explains the March Social Security payments for retirees. The frist round, capped at $5,108 per month, will be issued in 12 days. Payments will go out by birthdate: March 11 for those born on or before the 10th, March 18 for those born the 11th–20th, and march 25 for those born the 21st or later. A second round is scheduled for March 18 (11th–20th births) and a third for March 25 (21st and later births).
Eligibility begins at age 62, and the amount depends on retirement age, the amount paid into Social Security, and years of contributions. For example, a person retiring at 62 could receive up to about $2,831 per month, while a 70-year-old could receive up to $5,108 per month.The SSA provides a calculator for personalized estimates. Social Security is funded by payroll taxes, and without Congressional action, benefits are expected to shrink; analysts warn the SSA could struggle to issue full payments as early as 2034.
First round of March Social Security payments goes out in 12 days
The first round of March Social Security payments for retirees, now capped at $5,108, will be issued in 12 days.
When will payments arrive?
Retirees born on or before the 10th of a month will receive this payment on March 11.
The second round will go out on March 18 to those born between the 11th and 20th of a month, and the third payment will go out on March 25 to those born on or after the 21st of a month.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A beneficiary retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could expect each month using the SSA’s calculator.
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How can I maximize my check?
Social Security is financed by a payroll tax paid for by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to issue full payments as early as 2034, due to a rising number of retirees and a shrinking workforce.
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