The Social Security Administration (SSA) will begin paying out March benefits in the coming days, which can amount to up to $5,108 per month for retirees who waited until age 70 to retire.
Beneficiaries born before the tenth of any given month will be paid on March 12, 2025; those born between the eleventh and twentieth of any given month will be paid on March 19, and those born after the twentieth will be paid on March 26.
All beneficiaries born on this date could receive $5,108 from the SSA
A retiree’s Social Security benefit is primarily determined by the age at which they choose to retire, the amount they have contributed during their working years, and the length of their contributions to the system.
According to the Social Security Administration (SSA), workers who retire at age 62 can receive a monthly pension of up to $2,831, while those who wait until age 70 can receive up to $5,108. The SSA’s calculator allows beneficiaries to get a customized estimate of their monthly payment.
All U.S. residents over the age of sixty-two are eligible for Social Security benefits, though the amount received is determined by their age at retirement. Employers and employees pay payroll taxes, which fund the Social Security system.
However, there are concerns that if Congress does not act to stop this, Social Security benefits may be reduced in the future. The system is expected to stop issuing full payments to beneficiaries by 2034 due to an increase in retirees and a decrease in the number of active workers.
When will SSA beneficiaries receive their benefits in March?
According to the Social Security payment schedule, millions of beneficiaries will receive benefits on a staggered basis this month. The following are the confirmed payment dates for recipients of the Supplemental Security Income (SSI) and retirement, survivor, and disability insurance (RSDI) programs:
- February 28th (Friday): SSI recipients received their March benefits in advance as the first of March fell on a weekend.
- March 3rd (Monday): RSDI beneficiaries received their benefits on this day if they claimed their benefits before May 1997.
- March 12th (Wednesday): RSDI beneficiaries will get their benefits if they were born between the 1st and the 10th.
- March 19th (Wednesday): RSDI beneficiaries will get their benefits if they were born between the 11th and the 20th.
- March 26th (Wednesday): RSDI beneficiaries will get their benefits if they were born between the 21st and the 31st.
Should beneficiaries pay taxes to the SSA?
Millions of seniors rely on Social Security benefits to supplement their monthly income, which they use to cover everything from healthcare to necessities. To avoid future issues, all beneficiaries must learn about all of their tax responsibilities with the Social Security Administration (SSA).
One frequently asked question is whether they have to report such benefits as taxes. The response varies depending on each individual’s total income. If Social Security is your primary source of income, you probably do not need to file a tax return.
If your gross income is less than $16,550 and you are 65 or older and single, you do not need to file taxes.
Married couples over 65 who file jointly are subject to a $32,300 limit. However, you may be required to file if you receive additional income from investments, part-time employment, pensions, or 401(k) dividends. In some cases, your “combined income” includes your adjusted gross income, non-taxable interest, and half of your Social Security benefits.
