Social Security Recipients to Receive Two Payments in March 2021
As the month of March 2021 arrives, many Social Security recipients are expecting to receive two payments in the same calendar month due to a quirk in the payment schedule. This is because the first of the month falls on either a weekend or a holiday. The first payment was sent out on March 1, and the second payment will be delivered on March 31 for those same people, taking the place of the April 1 payment. Each payment is worth $914, meaning beneficiaries will receive a total of $1,828 for the month of March.
Payments from the Social Security Administration usually occur on the second, third, and fourth Wednesdays of the month. The day you receive your check is determined by your birth date. Payments will be issued on March 8 for the initial installment. This is for those with birthdays falling between the 1st and 10th of any given month. The next round of disbursements will take place on March 15 and is for those with birthdays falling between the 11th and 20th of any given month. The last payment will be on March 22, the fourth Wednesday of March, for people born between the 21st and 31st of any given month.
If you are looking to score the maximum Social Security benefit of $4,555 each month, you will need to take a few steps. Firstly, you will need to have worked a minimum of 35 years. This is because the wage cap when it comes to Social Security taxes is $160,200, so income beyond that threshold is not taxed. Secondly, you will need to wait until you reach the Full Retirement Age (FRA). Finally, you need to wait until you are 70 to begin receiving benefits.
It is important to remember that when you work, you are paying into the Social Security program in the form of Social Security taxes. Therefore, if you are a higher earner, your tax burden will be greater. This means that the later you claim Social Security, the more you will earn.
If your check doesn’t arrive on the date listed based on your birth date or other circumstances, the Social Security Administration says to wait three additional mailing days before reaching out. If you have yet to obtain it, you can contact a representative at 800-772-1213.
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