Millions of Social Security recipients will receive two payments in March, but the second is an advance for April and not a bonus payment.
Social Security was established in 1935 to provide retired workers age 65 and older with a continuing income after they retire. According to the U.S. Census Bureau, an estimated 67 million Americans will receive Social Security benefits each month in 2023.
These are typically payments that are made on a monthly basis. However, one VERIFY viewer recently texted our team to inquire whether Social Security recipients will receive a bonus payment in March.
Social Security recipients payments are distributed on a regular basis. Depending on their birth date, most recipients receive their payments on the second, third, or fourth Wednesday of each month.
According to AARP, people who receive Supplemental Security Income (SSI), such as those who are blind, disabled, or at least 65 years old and have very limited financial resources, typically receive their payments on the first of the month. This can be a problem if the first is a federal holiday or a weekend when banks are closed, as it will be on Saturday, April 1, 2023.
As a workaround, SSI payments are distributed on the next business day. This means that SSI recipients will receive payments on March 1 and March 31. However, the latter payment is for April and is not a bonus payment.
SSI recipients will also receive two payments this year, in June, September, and December. According to AARP, if the date falls on a holiday, the same schedule adjustment applies to other Social Security payments. The full payment schedule for 2023 can be found here.