One group of recipients will receive a double payment in March Social Security Benefits, as will another three, because of the Social Security Administration’s payment calendar.
In February 2023, the Social Security Administration (SSA) distributed payments to close to 71 million Individuals. The agency distributes when Social Security benefits payments are made based on a recipient’s date of birth, the type of benefit they are receiving, and when they initially registered for Social Security because to the monumental nature of distributing so many payments.
Read Also: Social Security After Death: All You Need To Know
As a result, occasionally certain recipients will get more than one Social Security benefits payment within a calendar month. In 2023, March will be among them, along with June, September, and December. Due to the fact that they get both Social Security and Supplemental Security Income, another category of beneficiaries constantly receives double payments.
Who qualifies for a double Social Security Benefits in March?
Those who receive both Social Security and Supplemental Security Income, as previously mentioned, receive two payments each month. The organization distributes one for Supplemental Support Income on the first of the month and another for Social Security on the third.
The payment date is advanced to the earliest business day, nevertheless, if the first of the month falls on a Saturday, Sunday, or a Federal Holiday. Due to the fact that the first of April always falls on a Saturday, the payment was switched to the Friday prior, March 31. The first payment for 2024 will now be due on Friday, December 29, 2023, rather than the first of the year, which falls on a Monday.
As a result, recipients of Supplemental Security Income will get two payments in March. Three payments will be made to beneficiaries who also receive Social Security benefits in March.
Read Also: US Should Raise Social Security Retirement Age Republican Lawmaker
How much did Social Security pay out in March?
Benefits are provided by the Social Security Administration to disabled and retired workers as well as to their survivors. When a worker started claiming Social Security benefits and their Main Insurance Amount are just two of the variables that affect how much each beneficiary receives. According to official data, the average monthly Social Security payout in January 2023 for all benefit types was $1,961.
Special attention is given to adults and children with disabilities who fall below particular income and resource limits and are eligible for Supplemental Security Income. Seniors 65 and older with financial resources below the requirements may also receive the support.
The average payout for all beneficiaries of Supplemental Security Income as of January 2023 was $677. In 2023, the limit was raised to $914 for single people and $1,371 for couples.