Americans receiving Social Security benefits are in for a rare treat this week, as some will receive two payments due to specific rules surrounding retirement and disability benefits. The Social Security Administration typically issues payments once a week, but this week, certain recipients will see both retirement and disability benefits hitting their accounts.
The schedule for Social Security payments is usually determined by the beneficiaries’ birthdays. However, this month presents a unique scenario. Those who have been receiving benefits since May 1997 or earlier receive their payments on the third day of every month. For others, the payment date is based on their birthdate.
Individuals born between the first and the 10th of any month received payments on the second Wednesday of February. Those born between the 11th and 20th received payments on February 21, and those born in the remaining days of any month received payments on February 28.
Adding to the excitement, March brings additional payments for some recipients. Those who receive both Social Security and Supplemental Security Income (SSI) benefits will see their SSI payment on March 1, followed by their Social Security payment on March 3. Furthermore, beneficiaries who have been receiving payments since 1997 or earlier, as well as those living abroad, can expect their benefits on March 1. Subsequent payments for March will follow the traditional schedule based on beneficiaries’ birthdays.
This year’s Cost of Living Adjustment (COLA) has brought an increase in benefits for recipients. Payments have climbed by 3.2 percent, resulting in an average increase of $50 per month. However, many recipients express dissatisfaction with this year’s COLA, especially compared to the 8.7 percent increase seen in 2023.
Critics argue that the SSA’s method of calculating COLA should consider seniors’ expenses, particularly those related to housing and healthcare, more significantly. Jonathan Price, the national retirement practice leader at employee benefits consulting firm Segal, emphasizes the importance of considering individual retirees’ expenses and other sources of income to ensure equal purchasing power.
